Most people are unaware of a serious potential risk involved with owning a home – defects in the title to your property. The implications of a flawed title can cost you to lose your entire investment and ultimately your right to legally own your home. Title insurance protects your investment.
What is a title? A title is the foundation of property ownership. It is the owner’s right to possess and use the property.
What kind of problems can a title search reveal? A title search can show a number of title defects and liens, as well as unpaid taxes, unsatisfied mortgages, judgments against the seller and restrictions limiting the use of the land.
What is title insurance? Title insurance is your policy of protection against loss if any of these problems results in a claim against your ownership.
How does title insurance protect my investment if a claim should arise? Title insurance assures you of a legal defense and pays all court costs and related fees. Also, if the claim proves valid, you will be reimbursed for your actual loss up the face amount of the policy. On the other hand, if a claim is filed against your property and you do NOT have title insurance, you face losing your entire home and property – and may still be liable to pay of the balance of your mortgage.
Doesn’t the bank insure the property? Yes, usually. However, the bank’s insurance only covers its loss, not yours. You could potentially lose all rights to your home and property if you do not have your own title insurance.
How much does title insurance cost? Charges vary in different sections of the country, but generally cost a lot less than you may think. And, unlike other insurance premiums, which must be paid annually, a title insurance premium is paid one time only, usually at settlement.
How long does my coverage last? For a long as you or your heirs retain an interest in the property.
Who will be handling the title and settlement process? One of our attorneys will oversee the entire process. We are familiar with the loan process and will make sure that everything runs as smoothly as possible for you.
Does it matter if I decide to refinance my home instead of buying a new one? Not at all. We protect your interests no matter which way you decide to go, purchase or refinance.
Where can I get title insurance? Hewitt & Waicker, LLC is a licensed title insurance company with the expertise and experience to issue title insurance on your behalf. We conveniently include our title insurance process along with our other settlement services at the time of signing.
