There are many steps to the home-buying process, and one of the most important is obtaining title insurance!
As you go through the process of buying a home, you are concerned about tons of different things including securing your mortgage, getting necessary repairs made, and whether or not your children will be able to get rid of any of their toys before it’s time to pack them up. Title insurance can feel like another thing to add to the list, but it plays a crucial role in protecting you during the home buying process. What exactly is title insurance and how can it protect you?
Title Insurance 101
Put simply, title insurance is an insurance policy that you purchase to protect yourself from any damages or losses related to the title of the property. Title insurance covers all of the things that you assume come with the purchase of the property or land, including being able to occupy the property, being able to use the property how you see fit, not being tied to debts that you didn’t create or agree to, being able to sell your property, and being able to use your property to secure a loan. You might not realize it, but if there is an issue with the title and you do not have title insurance, you could potentially lose the property and all of these benefits that are taken for granted. Title insurance will cover legal expenses you may incur as a result of someone else contesting the title.
How Much Does Title Insurance Cost?
The cost of title insurance varies based upon the value of the commercial or residential property you are purchasing. It can seem like an additional steep expense when buying a home, but you pay only one time and then enjoy the benefits during your entire period of ownership. Even if you or the property owner passes away, the benefits will forward to your heirs or those inheriting the property.
What Exactly Does Title Insurance Cover?
While you don’t want to dwell on potential disasters during the process of buying a home, some people want to fully understand the types of situations that title insurance protects against. Standard or basic title insurance coverage will protect you from impersonation, forged titles, deeds that are not signed by the necessary parties, deeds or titles that are not signed by someone fit to do so, undisclosed mortgages or liens, undisclosed easements or use restrictions, inadequate legal descriptions, and deeds that are not properly legally recorded.
Trust the Professionals at Clagett Enterprises for Your Real Estate Needs
If you’re looking for the perfect realtor for your family or property management company for your portfolio of properties, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistant selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.