When you purchase a new home, it is so important to protect yourself in every way possible. While you probably have had the house inspected, gone through all the typical steps in ensuring the home is safe for you to move in, one necessary area that you might not of considered yet is title insurance. Home title insurance is something that many individuals overlook, but is very important, as it can protect you from overpaying on the house, finding new fines and fees and even losing the house all together. Home buying is an exciting, yet stressful time in your life. You shouldn't have to worry about the house being pulled right from under your feet. In order to protect yourself, your family and even your assets, opting into home title insurance is an extremely desirable area to consider.
Five of the best reasons as to why you need home title insurance include:
- Possible Errors in the Deed
- Undisclosed Heirs
- Mistakes in the records
- Undocumented payments
Possible Errors in the Deed
When the deed is signed and handed over to you upon the completion of your mortgage going through and everything being accepted, it is possible that somethi
ng you don't see pops up in the deed. There might be a date issue or a payment problem that is just not documented correctly. However, if you sign something that ends up stating you aren't suppose to move in for another decade (a simple slip of a 1 instead of a 0), can end up costing you big time. With the title insurance active, you can avoid any of these kinds of problems and it is going to protect you from such issues.
If you are buying a home through an estate sale or something similar, it is usually because the individual who owned the house died. While there is any number of individuals who might be in charge of the sale, if an undisclosed heir comes up, they can claim ownership, depending on a few different circumstances. You don't want to lose your payment, loan rate or the house, simply because several months after you finalized the purchase an heir comes out of the woodworks and claims the house as their own. With the home title insurance, you can protect yourself from this issue and make sure you always receive the very best protection and coverage.
Mistakes in the Records
Home records vary, depending on where you are purchasing the home, who originally owned the home, when it was built and all sorts of different variables attributed to the house. However, some information that is not properly documented might come back to hinder your ability to purchase and own the house. In order to avoid this sort of a problem, you need the title insurance to protect the house and everything you signed.
While not an issue that occurs all to often now with computers and digital transactions, it is possible to lose information regarding a payment. You don't want to show up to your house with a foreclosure sign on the door because there was a payment issue or an undocumented transaction of money. With the title insurance you can protect yourself and this allows you to go through the paperwork and ensure everything is fine.
Forgeries happen everywhere. Whether it is someone signing for someone else or completely making up a name in general, you need to protect yourself from this sort of issue, and it is all possible with the home title insurance policy that can prevent issues such as illegal forgeries.
For over 17 years ALAW has been handling title litigation and closings throughout Georgia and Florida. For more information on how our team can protect you find the office closest to you here.