American Land Title Association –<\/b> An organization composed of title insurance companies that has adopted certain insurance policy forms to standardize coverage on a national basis.<\/li>\n<\/ul>\nWhat is Title Insurance?<\/b><\/h2>\n
It\u2019s important to protect your home with title insurance. Specifically, title insurance protects against a financial loss related to property ownership. When you close on a piece of property, there are two types of title insurance that can be involved in the transaction. The lender has their own policy, and then you need a homeowner\u2019s policy for yourself. The homeowner\u2019s policy is optional but strongly recommended.<\/p>\n
Lenders always have title insurance on your property because they have the biggest stake in your loan. A defect in the title could cost your lender big. The Lender\u2019s title insurance only protects the lender. That\u2019s why it\u2019s a good idea to get a policy to protect your own interest.<\/p>\n
When you\u2019re in the process of buying a new home, your title research company will check out the history of the property to ensure it has a clear title, meaning the current owner owns the property without any legal claims against it. Legal claims against a title could be liens or levies from creditors, lenders or the IRS.<\/p>\n
Why Do You Need Title Insurance?<\/b><\/h2>\n
![\"\"](\"https:\/\/www.ratifiedtitle.com\/wp-content\/uploads\/2022\/03\/RatifiedTitleGroup-A-Refresher-Course-on-Titles-February2022-Blog2-Pic2-300x259.jpg\")
You might think that after a title search, you\u2019re home-free, but that\u2019s where title insurance comes in handy. The title search may have uncovered a pending legal judgment or lawsuit. There could also be a previously unknown heir, a mistake in the ownership history, or another undiscovered issue that might compromise a free and clear title. If the property’s previous owner forged documents, you could wind up with a title issue.<\/p>\n
If any of those issues arise after you close on your property, it could cause you, at minimum, some legal fees and a headache; and worst-case scenario, the loss of the property.<\/p>\n
Title insurance is a one-time cost that you pay for at closing. Your interest in the loan increases over time as you repay your mortgage, so given the relatively low cost of title insurance, it pays to protect yourself in the future against title defects that could arise.<\/p>\n
If you still have questions about titles or title insurance, we\u2019d love to help! Reach out to us at 571-234-5589 or by email at info@ratifiedtitle.com<\/a>. For videos on lead generation, Facebook tips, handy realtor tools and more, be sure to check out our YouTube channel<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Having a clear title is essential to any real estate transaction, even if you are paying cash. When you have the title to a piece …<\/p>\n","protected":false},"author":3,"featured_media":1335,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ratified-title-group"],"yoast_head":"\n
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There are important terms that you will need to know regarding titles. Here are a few of the most important ones and what they mean.<\/p>\n