Title Insurance Can Really Come In Handy

When you first made the decision to purchase a home

, the last thing that was on your mind was saving up enough money for title insurance. Chances are, you had not even heard of the term until you were in the process of closing on your new home with your mortgage lender. Instead of looking for ways to get out of this obligation, take some time and find out what this type of policy covers and how it can be a great benefit to have.

You may feel that there is no reason for you to purchase title insurance. Some people feel that this is something that most lenders come up with as a way to get extra money out of their clients. What you need to be aware of is that this type of policy protects the lender against any claims or legal actions that exist against the deed to the property you want to purchase.

Even though a deed search was done to check for any problems or existing issues with the deed to your property, sometimes things are missed or filed improperly. For instance, if something was missed or someone at a later date decides to go to court to prove that they legally own your property and it was sold through fraud, then you are left homeless if the courts side with that individual. At that point, your lender is taking a big loss financially and investment wise. You are also out of all of the money you have spent in the process of purchasing that property and you have no legal recourse.

You don't want to deal with the stress, embarrassment and financial burden that kind of situation can place on you Instead of you having to worry about where you and your family will be able to live on such short notice, you should be enjoying the fact that you have finally become a homeowner. Title insurance is very valuable because it gives you protection for the whole duration of the time you own your property. Remember, issues such as liens and prior claims can be discovered at any time, not just during a title search. If you don't want to worry about why someone is evicting you out of the place you have called home for the last 15 years, you need to have make sure that you find a good company that provides title insurance.

Keep in mind that no matter how much money you are sending on your new home or how good your credit profile is, no lender is going to proceed with the closing process until you get a title insurance policy they approve of. The closing process is already long enough without delays, however the longer it takes you to get this policy, the more your move in date can be held up. Save up a couple of extra thousands of dollars before you purchase your home, that way you will be prepared for the extra costs for additional documents you may need.

by: Andrew Stratton

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