When you take the necessary steps to purchase a piece of property, it is normal for you to assume that the person or company you are dealing with is offering you a fair shake. You certainly deserve to feel like the deed you receive is valid and correctly drafted. To ensure that your interests in these types of transactions are properly protected, many investors like to obtain title insurance. This type of policy helps people safeguard against financial loss.
Perhaps you know someone that needs to unload a piece of property on which they are making mortgage payments. You are happy to take over the payments, as long as everything is in order. Then, you come to find out that the seller was behind on paying property taxes or loan advancements. There is a lien on the property, and the person you transacted with is telling you that the problem is all yours. Luckily, this is not the case if you have title insurance from a reputable underwriter. If you talk to your carrier about the problem, they can help you file a claim and get the other person to take care of their debts. Then, you will be off the hook for those delinquent payments, and you can wash your hands of the whole unpleasant ordeal.
Are you interested in finding a broker that can give you a few quotes on title insurance? If so, make sure you get in touch with an agency that deals with multiple underwriting groups. That way, you have the chance of looking at a lot of different product options. The brokerage firm you choose might even be able to connect you with underwriters in other areas of the country. That means you can work with the best without necessarily having to visit them face-to-face.
While title insurance is not mandatory, it is definitely a good idea to have this kind of coverage. Most real estate transactions that take place are completely legitimate. However, there is always the chance that some shady character might try to take advantage of your trusting nature. Do not let yourself be caught off guard. If you consult with a title insurance agent before committing to a purchase, you might be able to avoid legal disputes and other disruptions down the road. This is what the most successful real estate moguls do. Take a lesson from these tycoons, and cover all of your bases before entering into any agreement. It is better to be safe than sorry.
by Andrew Stratton