Learn the essentials of why you need title insurance, and how it protects against potential legal challenges.
One of the most frequently asked questions, is “Do I need title insurance?” before I ever entered the title insurance world, my answer would have been NO! However, after a very short time in the industry it became a quick YES!
Here you will see a brief description of the types of polices, questions to ask yourself, and some of what a policy will cover.
A Lender’s Title Insurance Policy only insures the lender against title challenges, it does not insure you or your heirs in the event of a defect in the title (including but not limited to unpaid bills for labor and material, forgeries, missing heirs, unpaid mortgages, unpaid taxes, etc.).
An Owner’s Title Insurance Policy in your favor is a one-time fee only and is good for the entire time you or your heirs own the property.
Ask yourself these questions:
What if the people signing the deed are not really the owners?
What if someone claims to have a lien on the property and demands that you pay it?
How much will it cost in legal fees to defend your rights?
How can Owner’s Title Insurance protect me?
Some common examples of problems covered by title insurance include:
- Forgeries and fraud
- Undisclosed or missing heirs
- Unpaid taxes and assessments
- Unpaid judgments and liens
- Unreleased mortgages
- Mental incompetence of grantors on the deed
- Impersonation of the true owners of the land by fraudulent persons
- Mistakes in recording or indexing of legal documents
This is a basic overview of title insurance; we hope that you will never need to use it. But f you do at least you have knowledge of these basics.
Title Junction, LLC in Fort Myers is the professional, experienced, and dedicated title insurance company you need to guide you in navigating your complex real estate transactions. Call (239) 415-6574 to learn more about the services they offer and how they can help you get from contract to closing table.
Title Junction is a full service real estate title company serving the area of Fort Myers, Cape Coral and the entire state of Florida since 2005. The company handles a number of real estate title services for both commercial and residential properties.
Have questions? Give us a call at 239.415.6574.
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