Shedding Light on the Importance of Title Insurance

As a responsible consumer, you probably know all about the importance of having home, auto, life, health, and other insurance coverages to ensure that your personal belongings and family are properly covered. Our title company at the Lake of the Ozarks wants to take this opportunity to raise awareness for one of the lesser known (but equally important) forms of insurance that every homeowner should be aware of: title insurance.



What Is Title Insurance?

Title insurance, as its name implies, is a service that ensures a property owner's right to the title of their land. In other words, it protects the property owners' right to use and occupy the land as long as they or their heirs have a vested interest in the property. Title insurance policies are issued at the date of the closing and are purchased for a one-time premium, making them much more affordable than other forms of insurance currently available.

What Do I Need To Know About Title Insurance?

Title insurance comes in two distinct forms: lender's title policies and owner's title policies. Lender's title policies are required any time you take out a mortgage loan to purchase a home or lot, as this policy protects the lenders' interests in the property. If you default on your loan for any reason, the lender's title policy will repay the lender's investment in the property.

Owner's title policies are not required, but homeowners are strongly encouraged to purchase them when they buy a home. Owner's title policies are the ones that will protect the homeowners' interest in the property (the lender's policy does not cover them). The owner's policy will protect the homeowners' right to the property in the event that it becomes threatened by some unforeseen hazard such as an unknown heir, forged signature, or invalid documentation.

How Do I Purchase Title Insurance?

When you buy a house at the Lake of the Ozarks, you real estate agent will encourage you to choose a title company to facilitate the closing. In addition to the closing, the title company of your choice will conduct the title search and issue the title policies. The cost of the title search and title policies will be rolled into your closing costs, so you won't have to write a separate check for it. 

Title insurance is a common commodity in the real estate market, but it still deserves careful thought and attention. When you choose a title company at the Lake of the Ozarks, make sure you select one who will make accuracy and professionalism a top priority. We have been serving the Lake Area since 1984, and we would be honored to assist with your closing. Visit our website to learn more!

The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!


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750 Bagnell Dam Blvd Suite B
Lake Ozark, MO 65049

Comments

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