A home is a major investment. In fact, your home is a major asset and probably your most valuable investment. Therefore, you cannot leave anything to chance. That is why you need to insure your investment by making sure you that protect the title.
Types of Losses
That is also why title insurance protection is necessary. A title insurance policy safeguards you against any damage or loss that occurs in the chain of title. Some of these losses can result from the following:
- A false impersonation of the property’s owner
- Forged releases, wills, or deeds
- Errors in the recording of paperwork
- Deeds that are executed by a person who is not considered of sound mind
- Instruments that are issued under an invalid power of attorney
While you never anticipate that the above-listed occurrences will happen, they do occur. That is why you need to make sure that you have title insurance protection. By opting for the protection, you minimize the risk of unpaid liens, fraud, or deeds that are illegally made.
Pay Your Premium One Time
You only need to pay a one-time premium for the insurance – a payment that is well worth the protection and security that you will feel from obtaining this type of policy. Again, if you do not purchase title insurance protection, you can leave you home vulnerable to serious risks. Do not take any unnecessary chances when they can be avoided. Title insurance enables you to make this happen.
While a lender’s policy for title insurance protects a financial institution’s interest in a client’s property, it does not protect the owner. That is why you need to purchase an owner’s policy for title insurance. You will feel more confident when the insurer researches the chain of title. This research covers property ownership, how a title is vested, and the outstanding liens. It also covers the current encumbrances. The research is done to avoid issues after a property’s purchase. A policy covers any risks that may emerge after the policy date.
Prestige Title Insurance Agency is one agency that can support your title insurance needs. You can give the agency a call in Adrian, Michigan at 517-264-6040 or visit https://www.prtitle.com/ to know more. You can also join them on Google+ for more updates!
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