Whether you are buying a home or working with a builder to construct a new home, it is likely that you feel like you are constantly receiving new fees and costs that pop up unexpectedly. Home buyers are often searching for ways to decrease their costs, allowing them to purchase a home that is still within their budget. Owner’s title insurance is one cost that you might wonder about, because it might seem like an unnecessary cost. But, the truth is that this title insurance is very important, and it can actually protect you from other costs that might arise in the future.  Owner’s Title Insurance is a Must.

What is Owner’s Title Insurance?

  • One of the reasons that people assume that they don’t need owner’s title insurance is because they are already paying for the lender’s title insurance, and they assume that everything will be fine in the transaction. Even though it might appear that you will be fine without the insurance, there are many situations where this insurance policy can keep you protected. Owner’s title insurance keeps you protected against loss that might result from title defects. These defects might be known at the time of the sale, or they might not show up until later. Examples of both “off record” and “on record” title defects might include things such as:Someone is in bankruptcy, and they don’t have the authority to sign over the deed of the property
    There is a lien that has been placed against the property, either purposefully or on accident
    Missing legal description on the deed of trust for the public land records
    The wrong legal description was recorded on the deed or any other legal document
    Undisclosed heirs on the property
    Forgery on the paperwork

These are just a few examples of title issues that might surface when you are buying a home. You never know when these problems will impact the property that you are purchasing.  So, it is best to buy the insurance policy and avoid the potential financial impact of these types of problems.

Smoothing the Process of Buying a Home

When you are buying a home, it is important that you are proactive to keep yourself protected and to avoid common problems that can occur. One of the best ways to avoid these common problems is by working with an experienced real estate agent, because the agent will have the experience to know what they need to be watching for.

Working with an experienced real estate agent means that you will be able to get the best deal on the property, and you will have someone who will guide you in the right direction if a problem arises. Are you ready to buy a home and you need help finding the right property? Duffy Realty of Atlanta can help! We have experience with all types of real estate. We are happy to help you avoid high fees and save money in the home buying process.
Call us today for details about how we can help: (678) 318-1700

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