A title search does due diligence during any property transaction, so you may be wondering whether it’s really necessary when you buy your next home. An owner’s insurance policy protects from possible errors, and from future claims or undiscovered interests. Read on for our top reasons for getting title insurance:
Protects Your Largest Investment
If you are like many people, your home is the largest investment that you will make throughout your lifetime. Title insurance protects your property rights for as long as you or your heirs own the home.
Reduces Your Risks
There may be hidden issues with the property that come to light only after the purchase. Title insurance protects you from these unforeseen legal and financial title discrepancies that can include forgeries, outstanding judgments, and liens, pending legal action, and unknown heirs or previous owners claiming ownership to your property.
Provides Value
Title insurance typically costs about 0.5% of the home’s purchase price, and is paid in full by the first premium, and protects your interest for as long as you or your heirs own the property.
Secures the Future
Because title insurance not only covers your property rights, but the property rights of your heirs as long as they own the property, it can provide security for generations.
Is Unique
While homeowners insurance and warranties protect your home and belongings, title insurance is the only protection for your property rights. It is unusual in that it protects you from losses caused by errors that may have occurred in the past, while most insurance products protect from losses incurred if something happens in the future.
Protects from Financial Loss
Title insurance protects your property rights, as well as the costs, attorney’s fees and expenses of defending against any matter insured by the policy. Likewise, it can protect you from financial loss if the sale of your home falls through due to a covered defect in the property’s title.
Makes Transactions Smoother
Having insurance can help to eliminate delays when passing your title on to someone else, and can speed negotiations when you are ready to sell your home or obtain a loan.
Offers Peace of Mind
Your owner’s title insurance can give you the peace of mind to know that your forever home will be just that.
In a highly competitive industry with all the pitfalls that can occur with financing, Ohio Real Title clearly stands out. We love what we do, we’re really good at it, and we think it’s important—because everyone deserves an easy, successful transaction during a stressful time. This is who we are. Contact us today.