Newsroom

February, 18 2020

Why Every Homebuyer Needs Owner's Title Insurance

WHY EVERY HOMEBUYER NEEDS OWNER’S TITLE INSURANCE Reason #2 : Title Insurance Reduces Your Risk
 
If you’re buying a home, there are many hidden issues that may pop up after purchasing it. Getting an owner’s title insurance policy protects you from legal title discrepancies. Don’t think it will happen to you?
TOD says “Think again!” Here are just some of the many situations that you’ll be protected from if you have owner’s title insurance.
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Unforeseeable title claims, such as:
*Forgery: making a false document - For example, the seller misrepresents the identity of the person selling the property.
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*Fraud: deception to achieve unfair gain - For example, someone steals your identity and either sells your house without your knowledge or consent, or takes out a second mortgage on the property and walks away with the money.
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*Clerical error: inconsistent paperwork and historical records - For example, an unforeseeable discrepancy in the property or fence line causes confusion in ownership rights.
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*Unexpected title claims, such as:
Outstanding #mortgages and judgments, or #liens against the property because the seller didn’t pay required #taxes
* Pending legal action against the property that could affect your ownership
*An unknown heir of a previous owner who is claiming ownership of the property
 
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American Land Title Association