Who Needs Title Insurance?

Who Needs Title Insurance?

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Who Needs Title Insurance?When the sizzle gets you to make an offer on a house of your dreams, in a flash you will be asked to buy Title Insurance for your Ft. Wayne home. “Who needs Title Insurance?” you ask. The title to a piece of property is the evidence that the owner is in lawful possession of that property. Title insurance protects against title search errors, undiscovered title defects, and losses that arise from disputes over ownership once the property has been purchased. Your right to use your property is protected by the Fifth Amendment of the Constitution and cannot be taken from you without just compensation.

Who Needs Title Insurance?

The Title Insurance Company protects you because they conducted a Title Search. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.”

When buying a house, you have the choice of whether to add owner’s Title insurance. The lender will require you to purchase title insurance to protect their loan to you. You may purchase an owner’s policy.  Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions, and exclusions.

Fire insurance, earthquake insurance, flood insurance, and car insurance protect you from future insurance. Title insurance protects your greatest asset from things that have happened in the past, such as:

  • Undisclosed heirs
  • Forged deeds, mortgages, wills, releases and other documents
  • False impersonation of the true landowner
  • Deeds by minors
  • Documents executed by a revoked or expired Power of Attorney
  • False affidavits of death or heirship
  • Probate matters
  • Fraud
  • Deeds and wills by persons of unsound mind
  • Conveyances by undisclosed divorced spouses
  • Rights of divorced parties
  • Deeds by persons falsely representing their marital status
  • Adverse possession
  • Defective acknowledgments due to improper or expired notarization
  • Forfeitures of real property due to criminal acts
  • Mistakes and omissions resulting in improper abstracting
  • Errors in tax records

How much will I have to spend on title insurance?

How much you spend on title insurance will depend on the type of policy you purchase. The cost of a lender’s policy is typically based on the amount of the buyer’s mortgage loan. On average, a lender’s policies cost between $800 and $1,000 – a one-time fee paid at closing. The cost of an owner’s policy is typically based on the sales price of the property. On average, the owner’s policies cost between $450 and $600 – a one-time fee paid at closing.

Homebuyers find the paperwork they sign can be lengthy and realtors try their best to explain everything you are asked to sign. If you have questions or you don’t understand, ask now. Once you sign, there is little recourse. It is too late to say, “I signed, but I didn’t understand what I was signing.”

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JT Integrity Properties is here to help homeowners out of any distressed situation.  

As investors, we are in business to make a modest profit on any deal. However, we can help homeowners out of just about any situation, no matter what!  There are no fees, upfront costs, commissions, or anything else.  Just the simple truth about your home and how we can help you sell it fast to resolve any situation.

Give us a call today at 260-202-2222 to let us know how we can help YOU.

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