Posted on January 9, 2020
Title Insurance: Why You Need It
More than likely your home is your biggest asset. Title insurance protects you against future claims that a person may have on your property. There can be a number of people and institutions that very well could make a claim on your property.
A title policy is the parts of the package of your closing documents. Some of those who may have an interest in your property could be government agencies, contractors, lenders and even relatives and heirs of the seller.
Title companies may have done their best, but over time the property becomes more complex history. If you want to get in contact with a title company, then you can have a peek at – https://www.bntc.com/.
Title companies, during the loan process, perform a search of all the available records concerning the property. Some areas that can arise are unpaid taxes, mortgages with balances still outstanding, unpaid contracts from the previous seller, and assessment.
Maybe there are easements and restrictions that have been placed on the property. Perhaps there is a document signed by a person with a lawyer. In addition to property tax, there may be inheritance tax, income or gift unpaid.
If any of these circumstances arise, the title company will have to shut down this work. If they cannot be cleaned would prevent the sale of the property.
In the case of a title, defect did not know at the time of closing of the transaction, title insurance will cover these claims as defined in the policy. If the seller cannot afford or no direct falsification of insurance will protect the policyholder.