Things You Didn't Know About Title Insurance

By this time, you've surely heard that purchasing title insurance is an integral part of any commercial or residential real estate transaction. You've heard that it can protect your most valuable asset in the event of unforeseen hazards, and that it guards your right to occupy and use the land you have purchased. In order to get the most out of your title insurance, though, it's helpful to understand it on a deeper level. 

 Arrowhead Title, Inc. is here to help you gain that deeper understanding! Here is some straightforward, accurate information about the ins and outs of title insurance.

Title Report vs Title Commitment

Having a title report does not mean that you have title insurance. A title report is made after the title issuer has conducted a detailed search of all the public land records for the county where your desired property is located. A title commitment is the official agreement by the title company to provide you with title insurance.

Lender's Policy vs Buyer's Policy

A lender's policy will cover the lender by reimbursing them for the amount that you still owe on your mortgage in the event that an unforeseen issue takes a negative turn. The buyer's policy will cover any financial losses that you might otherwise have had (such as your down payment and any other payments you have made towards the principle).

Extra Info

  • Having title insurance does not cost very much, but not having title insurance could cost you a lot. In the worst case scenario, it could even cost you your house.

  • Sometimes, people try to sell homes that they don't actually own. Title insurance protects you from these fraudulent transactions.

  • If the previous owners failed to pay taxes on the property, a tax lien will have been attached to the property. Without a thorough title search, new buyers may unknowingly inherit these financial obligations.

Title insurance can seem complicated and confusing to a first-time buyer, but with experienced title insurers on your side, the process becomes much more manageable! If you're purchasing property in mid-Missouri, you can trust Arrowhead Title to handle all of your title insurance policies at the Lake of the Ozarks.
Where Accuracy Matters!



Location: Lake Ozark, MO 65049, USA

Comments

Post a Comment

Popular posts from this blog

Title Commitment vs Title Report

Image
Do you know the difference between a title commitment and a title report? While these documents may sound similar at first, they actually serve very different purposes and should not be confused. As your trusted title company at the Lake of the Ozarks , Arrowhead Title is here to help clear up any misunderstandings you may have about title commitments and title reports. Title Commitments Title commitments are issued when someone is in the process of buying a home or piece of property. After the title search has been conducted (that is, after your title company has thoroughly researched the public documents for any pertinent information regarding the property), the next step is to issue the title commitment.  The title commitment is exactly what it sounds like: a commitment  to provide title insurance to the lender and the buyer under the terms described. The title commitment outlines the conditions and exceptions that will impact the title insurance policy. Condi...
Read more

9 Fun Facts About Title Insurance

Image
Title insurance is a crucial part of buying real estate, whether a home, business, or commercial or residential plot of land. Without title insurance, your right to use and occupy your new property may be hindered by rights and claims asserted by others - potentially even years after the closing date. Despite its incredible importance, title insurance is largely misunderstood (if it's understood at all) in the general community. Arrowhead Title, Inc. is here to educate you on our unique industry by filling you in on these fun facts about title insurance. Fun Facts About Title Insurance 1.   Benjamin Franklin was the first person to come up with the concept of title insurance. 2.   Title insurance's primary focus is proactive, not reactive - it aims to prevent issues from ever arising in the first place. 3.   Title insurance is available in several other countries (not just the States). For example, it is used in Northern Ireland, Canada, Mexico, New Zealand, ...
Read more

9 Documents to Expect at Closing, Part 2

Image
Closing day is a date you've been looking forward to for a long time. All you have to do is get through a huge stack of legal documents without getting carpal tunnel! As the best title company at the Lake of the Ozarks , Arrowhead Title knows exactly what documents are coming your way. Last week we talked about four of the major documents you can expect on your closing date. Read on to learn about five more documents you will want to be ready to review and sign. Call Arrowhead Title for a team you can trust - we would love to help you prepare for and navigate the closing process! 5) Title Documents When you purchase your home, you are actually purchasing the right to the property. You won't technically own your home until it is paid off, but the title documents give you the legal right to the property. At this point in the closing process, the title has been thoroughly researched by the title company. During this search, any issues associated with the title should have...
Read more