Why Do I Need Title Insurance?
For most Americans, our home is the single largest financial investment we ever make. More importantly, it's where we raise our families, share time with friends, live our lives. And while ownership of our home may seem very straight-forward, our rights to enjoy our property aren't always as clear. There are literally dozens of ways in which your title to-and-your ownership of-the property can be jeopardized. The title insurance industry and the policies it provides exist to ensure that title issues don't affect your home ownership rights.
The Title Search
When a buyer and seller agree on a home or land purchase transaction, our title professionals will search the public records to see if any outstanding matters could affect the new buyer's rights. These records include recorded documents such as: judgments, liens, general taxes, special taxes and levies, and other matters that could cost the new buyer money or, worse, affect their property ownership. This process called a title search, provides warnings of title flaws that must be dealt with before the property can change hands. Our title professionals will work to remedy any problem that could keep you from having "clear title". For example, a previous owner may have had minor construction done to the home, but never fully paid the contractor performing the work. We will identify this unpaid bill so that it can be resolved by the owner before you take ownership. If it isn't, you might very well be responsible for this payment as the new owner if you do not have an owners title insurance policy
Why Lenders Require Title Insurance
Your mortgage lender also has a great financial interest in the property you are buying. Just as you do, the lenders rely on our title professionals to ensure that they won't be impacted by unforseen title problems that could affect their mortgage. The Lender's Policy covers them up to the amount of the loan for title issues that could affect their mortgage on the property.as
Why Equitable Title?