Let’s say you’ve owned your home for a while now and have finally decided it’s time to sell it. You find a buyer, and their lawyer asks for the deed in order to review the manner in which title was originally received. Upon this review, the lawyer discovers that the deed states that a previous owner (before yourself) still has rights to the property. This is clearly a mistake!
Luckily you paid the one-time fee for title insurance when you closed on your home, which allows you to correct the cloud on title without any charge—or in this case, legal discrepancy.
Now, if a homeowner in this same situation didn’t have title insurance before the mistake was discovered, then the obligation to correct the change would be in their hands, making for a much messier situation.
Everyone makes mistakes, but the lifetime protection of an owner’s title insurance policy makes sure that you won’t have to be the one paying for them when it comes to your home ownership status!
At Title Junction, we care about helping you stay informed throughout your real estate transaction. The experts at our title company have extensive knowledge about real estate not only in Cape Coral and Fort Myers, but all of Florida as well.
Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: How to Minimize Flood Damage To Your Home