Why Do You Need Title Insurance?
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Buying a house is a huge investment. Most families set themselves up for at least 30 years of debt when they buy a home. You shop around; look at many options, and chooser the best home for your budget and lifestyle. Most of us do not stop to think that the dream home we sink our life savings into to secure a down payment may have legal issues that could put our ownership in jeopardy in the future.
That is where a title insurance company comes into play. A title company has the means and experience to research the property you are buying to make sure it does not have liens against it or even inheritance issues. Once they determine there is nothing that will challenge your ownership in the future, they issue a policy that covers possible future legal issues and lawsuits attacking your claim.
Title insurance companies are often chosen by your seller’s realtor or perhaps your mortgage company. There are sometimes complicated professional relationships involved. You should be aware, though, that the law says you do not have to go with a title company you do not want to work with and may choose your own. In fact, if anyone tells you that you must go with a particular title company, you can inform them that they are breaking federal laws by telling you.
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