What Does an Owner's Policy do For You?
When purchasing a home at the Lake of the Ozarks, you'll encounter numerous costs associated with the transaction. Costs such as appraisal and inspection fees, several types of insurance, as well as closing costs, can all add up quickly. While it is tempting to skimp on some of the suggested coverages to save some cash, doing so could have catastrophic outcomes in the future. One such coverage that is oftentimes passed on, the owner's title policy.
It's vital to protect your home, perhaps the largest investment of your life. By working with the best title company at the Lake of the Ozarks, you'll get top-notch service and information to help navigate complicated real estate transactions, ensuring you're protected at all times. Continue reading our blog to find out just what purchasing an owner's policy can do to protect you and your valuable asset.
Owner's Policy vs. Lender's Policy
Firstly, we'd like to clarify the difference between an owner's title policy and a lender's title policy. A lender's title policy is put in place to protect the mortgage lender that is financing the purchase of your home. This policy covers the lending institution should the homeowners become unable to make payments and default on the loan. These lender policies are required by the lending institution anytime they finance a deal. There is no protection for the homeowner under one of these policies.
The owner's policy protects the homeowners from legal issues that are brought against the home or past owners. An example of one such coverage is: a lawsuit stating that there was a claim against the home from before the current homeowner purchase the property. An owner's title policy quickly and efficiently verifies that you are not liable for any past obligations that occurred prior to your ownership of the home.
Title Insurance & Its Coverages
Benefits of Purchasing an Owner's Policy
1. Minimize Risk
2. Protection of Your Investment
3. Peace of Mind
The peace of mind that comes along with knowing that your investments are protected is reason enough to purchase the owner's policy. Don't let the thought of lurking legal issues linger in the back of your mind, make the purchase and get peace of mind.
When buying real estate at the Lake of the Ozarks, we strongly encourage you to purchase the owner's title policy in your transaction. It's one surefire way to ensure that one of your largest investments is safe and secure from lurking legal issues waiting to test your ownership rights. At Arrowhead Title, we strive to provide the best title settlement and escrow services at the Lake of the Ozarks, keeping you and your transaction top-of-mind as we navigate towards a quick, quality closing.