Home Title Insurance: Protect Your Biggest Investment

As thousands of Americans participate in the spring buying season, it’s important to remember that a new sofa isn’t the only purchase that should accompany your new house. Title insurance is one of the most important things you can do to safeguard your new residence, and protect what might be the biggest investment you will ever make.

“Problems with the title of your new home can limit your enjoyment and use of the property,” says Frank Pellegrini, president of .the national trade association of the land title insurance industry (ALTA). “Only an owner's title insurance policy fully protects the homebuyer should a covered title problem arise.”

A title insurance policy is purchased for a one-time fee at the real estate closing and lasts for as long as the consumer or their heirs have an interest in the property. This policy protects consumers against possible hidden title problems that can include errors or omissions in deeds, mistakes in examining records, forgery and undisclosed heirs.

“An owner's policy provides assurance that your title company will stand behind you — monetarily and with legal defense if needed — if a covered title problem arises after you buy your home,” says Pellegrini. “Purchasing a home is often the single largest financial investment a family can make. Your owner’s title insurance policy can help minimize potential issues that could impede your property rights.”

Title insurance industry practices vary due to differences in state law and local real estate custom. Consumers should ask their settlement agent or real estate agent how the title insurance industry operates in their area.

For more information on home title insurance, please contact Louis Eisenberg, Prudential Towne Realty at leisenberg@prudentialtownerealty.com, 757-572-7244, or www.LouisEisenberg.com

Source: www.homeclosing101.org