The purchase of a home can be one of the most stressful transactions in a person's life. With so many different aspects to worry about, title insurance is something that most people don't consider until the day of closing. Title insurance is an important part of the transaction and can end up saving you time and money in the future.
The main purpose of title insurance is to guarantee that no one else can claim your property. It also provides the peace of mind that you will not incur unexpected debts from your new property. Even if you have owned your property for years, unexpected problems can arise that may put your ownership in jeopardy. The title insurance policy means that your lender can be reassured regarding their loan, and you can be reassured regarding possible problems with your property.
Benefits of Title Insurance For Homeowners
For many homeowners, your property is one of your biggest investments which makes it worth protecting with title insurance!
Protection as long as you or your heirs owns property
Protection from costs, attorney fees, and expenses of defending against title claim
Protection against forgery or fraud
Protection against defect caused by lien of real estate taxes
Protection against errors in the public record
Who Does Title Insurance Protect?
Title insurance protects homeowners as well as lenders. Lender’s title insurance can protect your lender against problems with the title to your property.
For homeowners and buyers, there are numerous problems that can arise. A previous owner could have taken out a loan on the property, which would become the new owner's debt. In a separation or divorce, the previous owner could have taken out a mortgage without the knowledge of their partner. A lost heir could appear and stake a claim to the property. Title insurance protects new owners from all of these claims.
If one of these problems occurs and you are without title insurance, you could be forced to move out. You could also legally be required to pay a debt on a house that is no longer yours. The title company will handle any litigation or payments towards your case. In the very rare case of title loss on your property, the title company can pay you or buy the mortgage from the bank.
Common Types of Title Insurance Claims
While most insurance policies protect people against future losses, title insurance policies protect you from claims for past occurrences. These are the most common types of claims:
Errors in the public record
Fraud or forgery
An Overview of the Refinancing Process
Most people usually only insure their homes against fire and flood. If there was a natural disaster on your property and your house was demolished, you would still end up owning the land. A title insurance policy protects the owner if the actual house is taken away in a disaster. The title insurance policy coverage will last as long as you own the home. You can have cover and peace of mind for all these events if they do occur, for only one initial premium.
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The Provident School of Real Estate was established to provide educational opportunities to Virginia Real Estate Agents. Post Licensing and Continuing Education Courses are designed with the Real Estate Agents' needs in mind. We offer classes satisfying the mandatory and elective requirements determined by the Commonwealth of Virginia. All Provident classes have been approved by DPOR for license renewal.
All settlements are conducted in a very professional and friendly environment. All settlement documents are thoroughly explained prior to signing. Copies of all signed settlement documents are provided immediately after the documents have been signed. We can also place your signed copies on a disc to reduce the amount of paper documents you need to store after the settlement.
All settlement companies are not alike. When deciding on a settlement company, choose one that has the experience and skill to provide the quality settlement you expect. A settlement company you can trust to take care of your money and the title to your most precious asset, your home. Let Provident Title & Escrow relieve your worries about the settlement process.