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Owning a home is a dream for many Americans. Once you reach the point where you’re ready to buy a house or apartment, you want to protect your investment. Most real estate attorneys will tell you, title insurance is the key to doing so. This safeguards the “title”—the legal document declaring your right to possess and use the property you’ve purchased. Read on to learn more about what it is and why you need it.

How Title Insurance Works

The insurance covers events relating to the title that happened in the past. Say, for instance, that somebody who owned the house you bought several years ago didn’t pay the property taxes. The document protects you from any liens filed against the property. Note that it does not address the future—so don’t look to it as a loophole to skip your real estate taxes going ahead.

title insuranceBefore issuing a policy, a title company will search to learn if there are any open problems or limitations related to the property. This could include everything from deeds, wills, and trusts that contain wrong information, to outstanding mortgages, unpaid tax liens, and incorrect notary acknowledgments. The insight the process gives you also helps to inform whether you want to go ahead with your real estate purchase.

Avoid Being Taken Advantage Of

The insurance covers many issues that are not addressed by an attorney’s certificate of title. The document confirms ownership of a property and that it is free and clear to be transferred to another individual. Such legal mechanisms are in place to ensure no one scams you by selling a house that isn’t theirs to sell.

While an attorney’s certificate of title is good to have, it should be complemented with the additional coverage. A good real estate lawyer can take care of the full package for you. This saves you the stress of annoying paperwork and lets you focus on the fun part: Moving into your new home.

 

If you want to consult a real estate lawyer about title insurance, look to Dennis P. Faller, Attorney. Located in Wapakoneta, OH, this firm serves Auglaize County with top-quality legal services rooted in personalized care and expert insights into local laws. For a comprehensive list of their services, visit online. You can schedule an appointment by calling (419) 738-4578 today.

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