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    Should You Get Owner’s Title Insurance? Yes, and Here’s Why

    When you’re buying a property, there’s a lot of paperwork to digest.

    Owner’s Title insurance is one of the many detailed documents you’ll be asked to review and consider. You’ve probably heard of it but do you understand what it’s all about?

    Here are some important facts about title insurance, along with five reasons why it’s a smart investment.

    What does Owner’s title insurance do?

    In a nutshell, title insurance protects the purchaser from financial loss related to the ownership of a property. There are two policies involved in a home loan closing: the lender’s policy, which is required, and an optional owner’s policy. Both of these policies are one-time, upfront costs; they are not ongoing premiums nor are they added to your monthly mortgage payment. When you’re in the process of buying a home, a title research company will check the property’s ownership history. Ideally, your new home will have a clear title. That means the current owner has complete possession of the property, without any legal claims against it. These claims can come in the form of a lien or levy from a lender, creditor, or even the government.

    Undetected issues can lead to disaster down the road.    

    Sometimes, hidden problems arise years after purchase that cloud the ownership of a property.  They could be anything from a mistake in the ownership history, an oversight committed by the title researcher, or a previously unknown heir. Perhaps there’s a pending lawsuit, a long-lost heir, a legal judgment, or even fraudulent documentation somewhere along the line. At a minimum, a title defect that arises in the future could create a mountain of headaches and legal costs. In the worst-case scenario, it could even result in the loss of the property and the money you’ve invested in it.

    Here are five reasons why owner’s title insurance is an indispensable safeguard:

    1. Protection from the very real risk of title issues
      The purchase and sale of real property comes with a number of risks that may surprise you.  In fact, The American Land Title Association (ALTA) reports that a shocking 36% of all real estate transactions include some type of defect in the title.
    2. Title searches alone are not enough
      While title searches involve extensive research of public records concerning the house such as past deeds, wills, divorce decrees, encumbrances, and tax records, they aren’t foolproof. Even the best title search can’t foresee when a long-lost beneficiary will show up to lay claim to the property and other similar catastrophes.
    3. Protection in court
      Should a covered defect in your property’s title or a claim arise, the title insurance underwriter will protect your financial interests, defend you in court, and settle any covered claims on your behalf.
    4. A single payment provides cost-effective protection
      Unlike most insurance policies that entail ongoing monthly premiums, owner’s title insurance requires just a one-time fee at closing. Costing only about 0.5% to 1.0% of the property’s purchase price, this single fee provides protection from covered risks for as long as you or your heirs own the property.
    5. You’ll gain peace of mind
      The cost of title insurance is low in comparison to the ample protection and security it provides. Eliminate nagging concerns about issues that could pop up down the road with this smart investment in serenity.

    While other forms of insurance offer protection from what could occur in the future, title insurance protects you from injurious things that may have already happened but are undisclosed or unknown. To learn more about owner’s title insurance and how it can protect your valuable real estate investment, please contact our helpful professionals.

    About Certified Title Corporation: Since 1994, attorney-owned Certified Title Corporation has been furnishing residential and commercial real estate stakeholders across the nation with robust title insurance, settlement, and escrow services. Renowned for industry-leading reliability and an exemplary level of service and quality, the Maryland-based company helps clients from all walks of life achieve their asset goals. To learn more, call (888)486-5511 or visit https://www.certifiedtitlecorp.com/.



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