Why Every Homeowner Needs an Owner's Policy of Title Insurance
Title insurance protects the insured against covered title defects affecting the insured property. When you buy a home, you expect to enjoy important property rights. For example, you likely expect to be able to occupy the property, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell your property or pledge it as security for a loan. Title insurance is designed to protect these important property rights. Here are seven reasons you should purchase an owner’s policy of title insurance,
Buying a home is a big investment.
For a one-time premium, an owner's policy of title insurance helps protect it.
The seller may not own the home or have authority to sell it.
Title insurance offers coverage against defects in title caused by fraud, forgery, incapacity, impersonation or the seller's lack of authority to sell the property.
Warranties in your deed may not guarantee your ownership of the home.
Even if the seller warrants good title to you in the deed, the seller may not have the money to pay your losses if a problem arises. When you purchase an Owner's Policy of title insurance from First American Title, you have the financial power of First American to protect you against loss from covered claims.
The policy may cover more than just ownership.
Depending on the type of policy issued, coverage insuring against loss due to disputes over boundaries, access rights and easements may be provided to you. Ask about available options for extended or expanded coverage.
A lender's title policy does not cover you.
Your lender has required you to pay for a lender's policy of title insurance, but that policy only provides insurance to the lender. A homeowner is not covered, and cannot make a claim, under a lender's policy of title insurance.
The high cost of claims.
Title disputes are not cheap. Are you prepared to pay a lawyer to fight for you in court? Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim.
Coverage for a one-time premium.
The premium for an owner's policy of title insurance is only paid once and covers you for as long as you hold an interest in the title to your home. The coverage automatically continues for the benefit of your heirs as well.
You've worked hard for your home. Protect your important property rights by obtaining an Owner's Policy of title insurance from First American Title.
Title insurance protects the insured against covered title defects affecting the insured property. When you buy a home, you expect to enjoy important property rights. For example, you likely expect to be able to occupy the property, to be free from debts or obligations not created or agreed to by you, and to be able to freely sell your property or pledge it as security for a loan. Title insurance is designed to protect these important property rights. Here are seven reasons you should purchase an owner’s policy of title insurance,
Buying a home is a big investment.
For a one-time premium, an owner's policy of title insurance helps protect it.
The seller may not own the home or have authority to sell it.
Title insurance offers coverage against defects in title caused by fraud, forgery, incapacity, impersonation or the seller's lack of authority to sell the property.
Warranties in your deed may not guarantee your ownership of the home.
Even if the seller warrants good title to you in the deed, the seller may not have the money to pay your losses if a problem arises. When you purchase an Owner's Policy of title insurance from First American Title, you have the financial power of First American to protect you against loss from covered claims.
The policy may cover more than just ownership.
Depending on the type of policy issued, coverage insuring against loss due to disputes over boundaries, access rights and easements may be provided to you. Ask about available options for extended or expanded coverage.
A lender's title policy does not cover you.
Your lender has required you to pay for a lender's policy of title insurance, but that policy only provides insurance to the lender. A homeowner is not covered, and cannot make a claim, under a lender's policy of title insurance.
The high cost of claims.
Title disputes are not cheap. Are you prepared to pay a lawyer to fight for you in court? Title insurance includes coverage for legal expenses which may be necessary to investigate, litigate or settle an adverse claim.
Coverage for a one-time premium.
The premium for an owner's policy of title insurance is only paid once and covers you for as long as you hold an interest in the title to your home. The coverage automatically continues for the benefit of your heirs as well.
You've worked hard for your home. Protect your important property rights by obtaining an Owner's Policy of title insurance from First American Title.
The Title Search Process
When you receive the keys to your new home, you may already have an idea about the work that goes into a successful closing. However, few new homeowners recognize the efforts involved in searching and underwriting a title insurance policy - one part of your closing that can prove invaluable down the road.
An in-depth title search is generally comprised of a thorough examination of public records. This can be difficult because, depending on the jurisdiction, liens and judgments on a property may be filed a number of ways -by the name of the buyer, the name of owner, the street address, lot number, etc. Many title companies today have created exhaustive and systematic methods for conducting these searches, resulting in large databases of consistently indexed data that facilitate faster and easier title searches. These "title plants," or large stores of uniformly organized public data, help to complete title searches faster and help ensure accuracy.
Title Search Findings
Title searchers uncover more than simply liens and judgments, however. A thorough title search will include information about mortgages, street and sewer assessments, taxes and levies, and
countless other issues that may taint an otherwise sound transaction.
For instance, a title searcher may examine a property and find no judgments or liens, but uncover specia! building restrictions of which the buyer was unaware. Or the title search may disclose previously-established easements, such as civil sewer or power. A title searcher may find that some part of the property encroaches on neighboring land, warning against possible ownership issues in the future.
New Construction
Even for a new!y constructed property, a title search can be quite time consuming. While the actual structure in question may be new, the land on which it resides has likely transferred hands countless times prior to the new construction, making ownership issues a possibility down the road. Additionally, and in particular with respect to a newly built home, there is no guarantee that subcontractors and/or suppliers have not placed liens on the property for unpaid debts.
Curative Process
The legwork behind the issuance of a title Insurance policy is rarely seen by the buyers or sellers of a property. Title professionals work to remove any existing "clouds" (judgments, easements, liens, etc.) prior to issuing a policy in order to decrease their financial risk to insure the title. When a cloud is difficult to clear or significant enough to question the wisdom of following through with the transaction, the title company will make this known to the prospective buyer.
Risk Mitigation
The data collected through a title search not only gives the buyer peace of mind regarding the property they're purchasing, but also helps reduce the risk of title problems arising in the future. This makes a title Insurance policy a valuable investment towards protecting an even greater investment -your home.
When you receive the keys to your new home, you may already have an idea about the work that goes into a successful closing. However, few new homeowners recognize the efforts involved in searching and underwriting a title insurance policy - one part of your closing that can prove invaluable down the road.
An in-depth title search is generally comprised of a thorough examination of public records. This can be difficult because, depending on the jurisdiction, liens and judgments on a property may be filed a number of ways -by the name of the buyer, the name of owner, the street address, lot number, etc. Many title companies today have created exhaustive and systematic methods for conducting these searches, resulting in large databases of consistently indexed data that facilitate faster and easier title searches. These "title plants," or large stores of uniformly organized public data, help to complete title searches faster and help ensure accuracy.
Title Search Findings
Title searchers uncover more than simply liens and judgments, however. A thorough title search will include information about mortgages, street and sewer assessments, taxes and levies, and
countless other issues that may taint an otherwise sound transaction.
For instance, a title searcher may examine a property and find no judgments or liens, but uncover specia! building restrictions of which the buyer was unaware. Or the title search may disclose previously-established easements, such as civil sewer or power. A title searcher may find that some part of the property encroaches on neighboring land, warning against possible ownership issues in the future.
New Construction
Even for a new!y constructed property, a title search can be quite time consuming. While the actual structure in question may be new, the land on which it resides has likely transferred hands countless times prior to the new construction, making ownership issues a possibility down the road. Additionally, and in particular with respect to a newly built home, there is no guarantee that subcontractors and/or suppliers have not placed liens on the property for unpaid debts.
Curative Process
The legwork behind the issuance of a title Insurance policy is rarely seen by the buyers or sellers of a property. Title professionals work to remove any existing "clouds" (judgments, easements, liens, etc.) prior to issuing a policy in order to decrease their financial risk to insure the title. When a cloud is difficult to clear or significant enough to question the wisdom of following through with the transaction, the title company will make this known to the prospective buyer.
Risk Mitigation
The data collected through a title search not only gives the buyer peace of mind regarding the property they're purchasing, but also helps reduce the risk of title problems arising in the future. This makes a title Insurance policy a valuable investment towards protecting an even greater investment -your home.
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GENERAL RESOURCES/UTILITIES:
East Baton Rouge Parish -https://brgov.com
Jefferson Parish - http://www.jeffparish.net
St. Tammany Parish - http://www.stpgov.org
St. Charles Parish - http://stcharlesparish-la.gov
St. Bernard Parish - http://sbpg.net
Orleans Parish - http://www.nola.gov
Tangipahoa Parish - http://www.tangipahoa.org
Washington Parish - http://www.washingtonparishalerts.org
