4 Quick Tips About Title Insurance
If you are thinking of buying a home at the Lake of the Ozarks in the near future, you may want to brush up on the title process. Title insurance can help protect you from financial loss due to a defect or mistake made on the title paperwork needed when transferring land. If you plan on financing your home, title insurance will most likely be required by your mortgage company. To help you with the title portion of buying a new home, Arrowhead Title, Inc. has provided some tips about title insurance.
Avoid Potential Problems
Before land or a home can be transferred from the seller’s name into the buyer’s name, it is imperative to ensure no one else has clear rights to the property. Adjoining landowners who enforce property restrictions, rights of a utility company building power lines on the property, or a lien from the government for back taxes on the property are all examples of potential problems that could restrict the rights of the buyer from making a purchase. Other issues that should be avoided when purchasing a piece of property that can prevent a clear transfer are claims by heirs, forged deeds, and mistakes in public records. Arrowhead Title can help you by researching the past paperwork on the property you are interested in, helping to ensure there are no potential problems.
We can perform a title search that will help reveal what restrictions may have been placed on the property. It will uncover records for all recorded judgments, street and sewer assessments, special taxes and assessments, and other documents that could influence the title transfer of the property. Even though this process is thorough, there is always a chance that a document will be overlooked or not included in the initial title search.
Know What Is Covered
Before purchasing title insurance, know exactly what is covered in the option you choose. Arrowhead Title offers a number of coverage options for your title needs. A title company will usually cover legal fees that are incurred, should you ever have to defend your right to the title against a claim on the title as insured, as long as the purchaser or their heirs have an interest in the property. Depending on which coverage option you select, a title insurance policy can sometimes exclude coverage of items the title search revealed as serious problems.
When choosing title insurance, research the company and policy options to find the best fit for your title needs. Professionals in the real estate industry, like your realtor, can help recommend a title company, but you should do your own research on the coverage and pricing as well.
Title insurance is important when it comes protecting your investment of purchasing a new property. It can help protect you from a loss due to an issue with the title paperwork. Now that you know these tips about title insurance at the Lake of the Ozarks, you are ready to move forward with the purchase of a home. Arrowhead Title Inc. can provide these services and help answer any questions you may have to assist in making your property purchase a smooth and successful process. For more information about our title services offered, call us at 573-302-1950.
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