3 Reasons To Buy An Owner's Title Policy
Buying a home at the Lake of the Ozarks comes with a lot of associated expenses. Insurance, appraisal and inspection fees, and closing costs can add up quickly in the beginning. Even after you have closed on your new home, you'll have to shoulder the financial responsibilities of your new mortgage payment, utilities, any necessary repairs/maintenance.
Faced with so many expenses, many homebuyers (understandably) want to cut costs wherever possible by skipping any expenses that aren't mandatory. An example of one such elected cost that homebuyers sometimes want to eliminate is the owner's title policy. However, skipping this purchase can be prove disastrous down the road. Keep reading to find out why you should consider buying an owner's title policy at the Lake of the Ozarks.
Owner's Title Policy vs Lender's Title Policy
There are two primary types of title policies: owner's policies and lender's policies. A lender's title policy protects the mortgage lender in the event that the buyer becomes unable to make payments and defaults on the loan. Buyers are required to purchase lender's policies any time they take out a mortgage loan to buy a home. However, this policy does not offer any protection to the buyers themselves.
In order for buyers to be protected, they must also purchase an owner's title policy. This policy is not a required purchase, but it can be worth its weight in gold in the event that future issues arise.
What Title Insurance Protects Against
Even after you have signed your name on the dotted line and been handed the keys to your new home, hazards could arise that threaten your right to ownership and enjoyment of your property. Example title claims may include a previously unknown heir surfacing and claiming ownership over the property, a third-party enforcing a previously unknown lien against the property, or an issue arising that could invalidate the sale of the property (such as an unauthorized signature). In order for homeowners to be protected from these types of hazards, they must purchase an owner's title policy.
Reasons To Buy An Owner's Title Policy
Below are a few of the reasons why an owner's title policy can be a valuable investment.
1. Minimize Your Risk
As soon as you buy real estate at the Lake of the Ozarks, you potentially expose yourself to any number of risks (such as the potential hazards we just discussed). Your owner's title policy will cover the legal costs associated with defending your rights to the property, thus helping to minimize your risk.
2. Protect Your Most Valuable Investment
Think about all the purchases you are likely to make in your lifetime. If you're like most Lake residents, possible purchases may include boats, cars, motorcycles, personal watercraft, and homes. Out of all of these purchases, your home is by far the most valuable investment. Your owner's title policy will protect this irreplaceable investment.
3. Enjoy One-Of-A-Kind Peace Of Mind
Title insurance is unlike any other form of insurance available on the market. While homeowners insurance protects your financial investment if your property incurs physical damage, title insurance protects your very right to the property itself.
Title insurance is also one of the most affordable types of insurance available today. Unlike other forms of insurance that require monthly or semiannually premiums, title insurance is purchased for a one-time premium when you initially purchase your home. The cost of the title policies is typically factored into the closing costs, so you don't have to write separate checks for them. After the initial purchase, your owner's title policy will protect your and your heirs' investment as long as you have a vested interest in the property.
Contact Arrowhead Title, Inc. For Your Title Policy!
For these reasons, we strongly encourage you to purchase an owner's title policy when you buy your new home. If you are preparing to purchase real estate at the Lake, we hope you'll consider our title insurance team at the Lake of the Ozarks. To learn more about our title services in mid-Missouri, visit our website or call Arrowhead Title, Inc. at 573-302-1950.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
Faced with so many expenses, many homebuyers (understandably) want to cut costs wherever possible by skipping any expenses that aren't mandatory. An example of one such elected cost that homebuyers sometimes want to eliminate is the owner's title policy. However, skipping this purchase can be prove disastrous down the road. Keep reading to find out why you should consider buying an owner's title policy at the Lake of the Ozarks.
Owner's Title Policy vs Lender's Title Policy
There are two primary types of title policies: owner's policies and lender's policies. A lender's title policy protects the mortgage lender in the event that the buyer becomes unable to make payments and defaults on the loan. Buyers are required to purchase lender's policies any time they take out a mortgage loan to buy a home. However, this policy does not offer any protection to the buyers themselves.
In order for buyers to be protected, they must also purchase an owner's title policy. This policy is not a required purchase, but it can be worth its weight in gold in the event that future issues arise.
What Title Insurance Protects Against
Even after you have signed your name on the dotted line and been handed the keys to your new home, hazards could arise that threaten your right to ownership and enjoyment of your property. Example title claims may include a previously unknown heir surfacing and claiming ownership over the property, a third-party enforcing a previously unknown lien against the property, or an issue arising that could invalidate the sale of the property (such as an unauthorized signature). In order for homeowners to be protected from these types of hazards, they must purchase an owner's title policy.
Reasons To Buy An Owner's Title Policy
1. Minimize Your Risk
As soon as you buy real estate at the Lake of the Ozarks, you potentially expose yourself to any number of risks (such as the potential hazards we just discussed). Your owner's title policy will cover the legal costs associated with defending your rights to the property, thus helping to minimize your risk.
2. Protect Your Most Valuable Investment
Think about all the purchases you are likely to make in your lifetime. If you're like most Lake residents, possible purchases may include boats, cars, motorcycles, personal watercraft, and homes. Out of all of these purchases, your home is by far the most valuable investment. Your owner's title policy will protect this irreplaceable investment.
3. Enjoy One-Of-A-Kind Peace Of Mind
Title insurance is unlike any other form of insurance available on the market. While homeowners insurance protects your financial investment if your property incurs physical damage, title insurance protects your very right to the property itself.
Title insurance is also one of the most affordable types of insurance available today. Unlike other forms of insurance that require monthly or semiannually premiums, title insurance is purchased for a one-time premium when you initially purchase your home. The cost of the title policies is typically factored into the closing costs, so you don't have to write separate checks for them. After the initial purchase, your owner's title policy will protect your and your heirs' investment as long as you have a vested interest in the property.
Contact Arrowhead Title, Inc. For Your Title Policy!
For these reasons, we strongly encourage you to purchase an owner's title policy when you buy your new home. If you are preparing to purchase real estate at the Lake, we hope you'll consider our title insurance team at the Lake of the Ozarks. To learn more about our title services in mid-Missouri, visit our website or call Arrowhead Title, Inc. at 573-302-1950.
The Lake of the Ozarks' Most Trusted Title Company
Where Accuracy Matters!
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