Here are just a few reasons you should get title insurance when buying a home. In our area it’s fairly standard to negotiate in the offer for the
seller’s to pay for the new owners title insurance policy. So what it title insurance and why should you get it?
1. A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house but the land on
which it stands. Title insurance protects you against such loss.
2. A deed or a mortgage on the chain of title may be a forgery.
3. A deed or a mortgage may have been signed by a person under age.
4. A deed or a mortgage may have been made by an insane person or one otherwise not competent.
5. A deed or a mortgage may have been made under a power of attorney after the death of the principal and would, therefore, be void.
6. A deed or a mortgage may have been made by a person other than the owner, but with the same name as the owner.
7. The testator of a will might have had a child born after the execution of a will, a fact that would entitle the child to claim his or her share of the property.
8. A will may have been revoked by the testator after its execution.
9. A conveyance by heirsat-law of a person supposed to have died without a valid will may be defeated by subsequent discovery and probate of a will.
10. An heir or other person presumed dead may appear and recover the property or an interest therein.
11. A judgement or levy upon which the title is dependent may be void or voidable on account of some defect in the proceeding.
12. Unless you have the title insured, you cannot be sure you will never suffer loss through title disputes after buying or lending on real
estate.
13. Title insurance helps speed negotiations when you’re ready to sell.
14. By insuring the title, you can eliminate delays and technicalities when passing your title on to someone else.
15. If your title is ever defeated, title insurance reimburses you for the amount of your loss.
16. We assume the risk and worries, make all your title troubles ours, with the issuance of title insurance.
17. Each title insurance policy we write is paid up, in full, by the first premium.
18. Our insurance of a title means that you will have free defense in court, in addition to the payment of any loss you may sustain.
19. Claims constantly arise due to marital status and validity in divorces. Only title insurance protects against these claims of supposedly non-existent or divorced “wives” or “husbands.”
20. Many lawyers, in giving an opinion on title, protect their clients as well as themselves by
procuring title insurance.