Title Insurance, What Is It And Do I Need It?
Title Insurance can give peace of mind in your dream home
Imagine this scenario. You’ve just purchased a home from a widow and her daughter, the only known heirs of the widow’s husband who died without a will. Shortly after the sale, a man appears and claims that he is the son of the widow’s husband and he is entitled to a share of the value of the home. Although the absence of a will hindered the discovery of the missing heir in a title search, a title insurance policy would have financially protected the new owners from a claim of the missing heir.
While the above scenario sounds like a soap opera, these situations arise and an Owner’s Policy of Title Insurance can protect homeowners from these situations.
“Title insurance protects you and your family as long as you own the property,” says Sue Benson, owner of Title Associates of Knoxville.
A title insurance policy is a one-time fee you pay at closing. The policy protects the new homeowner from fraud, mistakes and undisclosed ownership.
“It provides peace of mind,” Sue said. After all, your home is one of the biggest purchases that you make in a lifetime and a title insurance policy can protect you if an unforeseen circumstance arises. If there is a cloud against the title of the property, it can cause turmoil when you want or need to sell the property in the future.
Purchasing a home can be an emotional experience. When you’re looking to buy or sell, Judi Starliper and the J-Star team can help you through every phase of the transaction.
