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Is
Owner's Title Insurance really necessary? |
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"A
stitch in time saves nine" -Benjamin Franklin |
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Hidden
risks are potential title problems, which even the most scrupulous
examination by the most experienced team of title search professionals
may not uncover until months or even years after a property is sold.
The end result can be loss of property, costly lawsuits and, of course,
delayed closings.
For far, far less than costly lawsuits & legal advice, Owner's
Title Insurance is your best protection - forever - against the
unforeseen. We offer solid coverage, at nominal cost, for both Lenders
and Owners.
For complete details, CALL 1-800-655-0013 |
Does
the Buyer need an Owner's Title Insurance policy
when the title has been examined by a competent and experienced real
estate attorney?
YES! - Absolutely.
Doesn't the examination of title remove any possible title problems?
NO! - That's why Owner's Title Insurance exists. |
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title problems, called hidden risks, may not be discovered until months
or even years after you purchase your home. Even the most scrupulous
examination by an experienced real estate attorney is not a guarantee
that every title problem has been identified and resolved. Hidden risks
can result in substantial attorney's fees, costly lawsuits and even
loss of property. |
| Examples of Hidden Risks: |
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Clerical
errors made at the Registry of Deeds |
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Forged
deeds, mortgage releases or other forged documents |
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Deeds
made by persons of unsound mind |
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Deeds
made by minors |
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Falsification
of records |
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Previously
undisclosed heirs of previous owners |
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Improper
legal description |
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A
deed executed using an expired power of attorney |
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Title
taken as a result of an improperly probated will |
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False
representation of the true owner of the property |
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Improperly
indexed liens on property |
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There
are two types of Title Insurance: Lender's Coverage (required by most
Mortgage Lenders) and Owner's Coverage.
Lender's Coverage insures only the Lender's interest against title
defects. It protects the Lender in case the Lender becomes the owner of
the property upon foreclosure. Owner's Coverage is intended to protect
you - the property owner - from defects in title that could have
significant impact on your interest in the property and its
marketability. Even a minor defect in title can cost much more to
correct than the cost of the Owner's Title Insurance.
A one-time premium, paid when you purchase your property, protects you
from title defects for as long as you own the property. And in many
cases, even after you have sold it. The title insurer will defend
claims at no cost to you. |
"First American's Owner's Title
Insurance got us out of what would have been
a catastrophic situation." - Nancy Babcock & David Walker
"It was a blessing we had this coverage. We'd have never anticipated a
problem."
- Robert & Charlene Dindo |
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