Title Insurance The Facts
A record detailing the owners of the property and rights associated with the ownership is title to a property. Title typically shows a progression of ownership from the first owner to the current one. Although a title is a fairly simple concept, it is a nightmare when it goes wrong. That is where you consider title insurance.
Title Insurance
With title insurance, it is guaranteed that the title on a property is marketable when you purchase the home, condo, land, etc. You should always pay for title insurance. It typically costs a few hundred dollars and will save you a bundle if problems arise.
A title insurance company researches the title for the property when you buy title insurance. What the insurance company will do is look to see if the title is clear. What “clear” simply means is that the seller is truly transferring title to you and no other person can claim ownership. Rest assured that title problems arise all of the time regardless of how fairly simple it may sound.
What are Title Problems?
Perhaps you are wondering how you could possibly have title problems. Below are some of the examples.
When it Comes to Divorcing Couples. Divorce is unpleasant and sometime very ugly. One spouse may attempt to sell a home without telling the other in particularly nasty situations. To gain clear title, you need both spouses to sign off on the sale. If you don’t, you are going to become a party of the divorce proceedings. That doesn’t sound like much fun.
Estate Sales. If you are purchasing a house as part of an estate sale, there can be real problems. The heirs may not be getting along and in an effort to “get what’s mine”, may try to sell the residence without including all the heirs in the transaction. If you buy this home, you could end up involved in a lawsuit filed by an heir left out of the transaction.
Issues with Ingress and Egress. When it comes to title to a property, it can have technical issues related to egress and ingress. There are times when a title to a property that is so messed up that the owner doesn’t have the right to enter or leave the land because to do so would require crossing another person’s property is what you can find. The property is therefore landlocked and something must be worked out with the neighbors. A solution also typically comes in the form of lots of hard, cold cash.
A few issues that can arise with title are mentioned above. Unique issues can arise all the time with real estate.
If you buy title insurance, you don’t have to worry about problems with title. You calmly pick up the phone and call the title insurance company if a problem arises. The insurance company will come up with a solution, even if it means paying you for bad title.
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