Title insurance is an incredibly powerful tool that can shield a property owner or the lender against any litigation that challenges the legitimacy and authenticity of the property. In artless words, property owners purchase title insurance to protect their investment and prevent any financial losses due to defects in a title to a property. It’s a simple policy that can safeguard you from unforeseen potential claims that can threaten your right to occupy and use your land.
In case any claim is made against the ownership, title insurance helps settle all court costs and fees. It covers a range of protections, including any fraud or forgery, liens, encroachments, inappropriate boundary or illegal building works. Having no title insurance exposes you to some significant risk of damage. Imagine buying a house of your dreams only to find out that the former owner left the property taxes unpaid. With the backing of title insurance, the financial burden of this claim disappears, and the insurance covers your loss.
Once a title insurance company has done its verification, it backs that guarantee, which protects the lender or owner if someone comes along and makes a claim to the property in the future. The title insurance company also may be responsible for conducting the closing. It also maintains escrow accounts where your closing costs are kept until the day you close your loan. In some cases, the company that handles closing and the company dealing with title and title insurance can be different.
For more detailed information about title insurance, contact us, and find out why InterAmerica Title Group is the right choice for you.
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