When purchasing a home, there are several costs associated with the purchase in addition to the actual cost of the home. One cost that you will have the option to pay is the fee that goes toward purchasing title insurance. While purchasing title insurance is optional, it is definitely worth your while to make this additional purchase. Not only is the cost minimal, but the protection that title insurance provides is an important part of keeping your finances in order.
Protecting Your Investment from Fraud
The primary benefit of purchasing title insurance is the fact that it protects you from any claim that is made against the property after you have purchased it. For example, if there are any unpaid mortgage balances on the home or if an improper foreclosure has been implemented on the property, you are financially protected. Similarly, if anyone has perpetrated fraud against you in any way as part of the transaction, you are protected.
The reality is that real estate fraud is more prevalent now than it has ever been before. Furthermore, forgeries are becoming increasingly easy to create as the electronic age provides criminals with higher-quality tools to use. As a result, criminals can find ways to “sell” properties they do not actually own to unsuspecting buyers. Considering the fact that you are putting hundreds of thousands or even millions of dollars toward the purchase of the home, having insurance in place to protect your financial investment is essential.
Receive an Expert Title Search
To help prevent the possibility of running into problems with the title on the home you are purchasing, it is essential to run an extensive title search. While it is possible to conduct a title search on your own, it is a good idea to have a professional perform the task. This way, you are less likely to have overlooked a potential problem. When you purchase title insurance, a professional title insurer will first conduct a title search to ensure there are no problems with the title.
With a title insurer conducting a search of the title beforehand, you can be relatively certain there will be no problems in the future. With title insurance in place, you can further rest easy in knowing that your investment will be protected if the title insurer happened to miss something in the search. In other words, if you are ordered out of the home due to problems with the title, you will get back the money that you have invested in the home. While it may be disheartening to lose the home, you can take comfort in knowing that your financial situation is fully protected.
A Worthwhile Fee
Unlike some other costs that are associated with homeownership, purchasing title insurance requires paying only a one-time fee. While it is a relatively large fee, you do not have to worry about paying toward title insurance on a monthly basis.
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(all data current as of 11/24/2017)
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