Protecting Your Home with Title Insurance

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Buying a home may be the biggest investment you make in your lifetime. Before closing on the house, you'll want to know that no other individual or entity has a right, claim or lien to the property.

Determining that your rights and interests to the property are clear is the business of a title insurance company.

For a modest, one-time title insurance premium, you will receive continuous title insurance protection equal to the purchase price of the property or its current market value.

The title insurance company searches the title history of the property. Through its research, the title company can usually identify any title problems and clear up these problems prior to closing.

Real Estate law is extraordinarily complex. Title companies make sure that all the T's are crossed and all the I's are dotted so you don't end up with a clouded title and legal problems. Your title insurance owner's policy will describe the property and outline the limitations on your ownership. It will also cover what the title insurance company is responsible for. Title insurance covers the following:

• Contested title — This usually happens when someone who owned or even lived in the home before you claims to still hold an interest. If this happens, the title insurance company will defend your title and will cost you nothing.
• Defective title — This is a general term for a legal problem with the title that cannot be corrected and includes "contested title" above. Defects are rare, but they can be very difficult, making the property inaccessible, unbuildable, or unsaleable. Any number of other complex problems define "Defective title." The title insurance company will uncover these problems, or should they miss them, protect you from financial loss - up to the amount of the policy.

At U.S.A. Lending, Inc., we answer questions about this process every day. Call us at 305-967-7200.