Protecting Your Home with Title Insurance

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Buying a home may be the biggest investment you make in your life. So before you close, you need to know that no one else has a claim to the property.

A title company ensures that your new property won't surprise you with expensive encumbrances and other legal obstacles.

You pay the title company a single premium which includes the cost of verifying clear title and covers you in case some fault is later discovered in the title.

The title company searches the property's title history. The title company can almost always identify any title problems that may arise and have these problems cleared-up before you close on the property.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance owner's policy will describe the property and outline any recorded limitations on your ownership. It will also set forth the title company's responsibilities should any claim covered by the policy terms arise. Title insurance usually covers:

• Contested title — Someone, usually a previous owner or occupant, claims they still own the property or have not given up their claim. In this case, the title insurance company will defend your title at no expense to you.
• Defective title — "Defective title" covers any number of problems with the title to your home. It can even include a "contested title". Other examples of title defects include problems with legal access to the property, easements that make the property less usable, unusable, or unsaleable. Many other complicated problems define "Defective title" or "Clouded Title." The title company will uncover these problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

Boardwalk Mortgage can walk you through the pitfalls of getting a mortgage. Call us at 1-800-606-2794.