When looking to purchase property, you may be unsure if title insurance is necessary. Typically, people only think about working with a particular real estate agent, never which title agency or company will give you the best value. While real estate agents often choose title agencies, you are free to choose the title company best for you, and there are particular things you want to look for in a title agent such as availability, timeliness, and dedication to doing the job right.
Now, let’s get to know what types of insurance policies there are. Owner’s title insurance and lender’s title insurance may be necessary, depending on the type of transaction necessary for closing.
Owner’s title insurance protects your property’s equity, as well as the ownership rights to your property. The owner’s title insurance can protect both the buyer and seller if there are any possible issues with recording documents, undisclosed heirs, liens, and other matters affecting the property. If anything is missed, your insurance policy is in place to protect you.
Lender’s title insurance is typically required by lenders when you take out a mortgage. This is so that the lender is protected against any potential claims against your property as well until the mortgage is paid off. If you need to refinance your loan, you don’t have to purchase another owner’s policy, but you will need a lender’s policy.
At Encore Title Services, we run searches to find any issues that may be affecting a property such as a lien, mortgage, or anything else that may come up in our searches, and work diligently to remove them and make the property marketable. When we have completed processing your file, we close you in our office, virtually, or remotely. You may be wondering if title insurance is necessary, and while we work restlessly to prevent a claim on your property, we understand that even the most seasoned title professionals can make errors. Because of this, title insurance is a great investment that will protect your property from any title issues.
Understanding why you need title insurance can help clear any confusion you may have about the buying process. At Encore Title Services, LLC we are dedicated to supporting you every step of the way.
If you have any other questions, please contact Encore Title Servies, LLC at (904) 619-6360.