When
You Invest in Real Estate…
Chances are the
purchase of real estate is the largest single investment you will
ever make. And most would agree the loss of such an important investment
would be catastrophic. So it pays to be certain that the person selling
the property has the ownership rights you think you’re buying.
But that’s not always easy to determine.
An owner’s
rights to property – which often involve family and heirs –
are sometimes obscure. There may be other parties (such as government
agencies, lenders and private contractors) who also have "rights"
to the property, in the form of outstanding claims. How can you be
sure you will be the sole owner of the property you are buying?
Title
Insurance Works for You
Title insurance
offers you information on the status of the title to the land before
you buy --- and protection against claims that may affect the property
you buy. Here is how it works:
- Before your
real estate transaction closes, the public records are searched
to find all related official documents.
- These documents
are than examined for their effect and form the basis for the title
insurance policy.
- The examination
reveals the current status of ownership and encumbrances. Its shows
the current record owner based on careful evaluation of all records.
It also shows the current limitations on that owner’s property
rights, such as outstanding mortgages and utility easements. A buyer
or lender knows that some of these limitations should be removed
(by paying off and releasing a prior mortgage for example), or they
can continue to adversely affect the property after closing.
Protecting
Your Future
If the status of
title is cleared before you buy, why do you need title insurance?
Because even after the most careful research, some flaws, such as
forgery, fraud or confusion due to similar names may go undetected.
These problems may surface at any time in the future.
Protection against
future claims is provided by the title insurance policy, which is
issued after your transaction is complete. Policy terms and conditions
determine the extent of coverage provided. This insurance policy insures
the condition of title. Separate policies are usually issued to protect
the owner’s and the lender’s interests. This protection
continues for as long as you own the insured interest, and without
any additional fees.
Title
Insurance is your Investment Protection
Real estate investment
demands the best possible protection. That’s why so many investors
obtain a policy of title insurance from Philip R. Seaver Title Insurance
Company. Along with offering fast, accurate and complete title services,
Seaver Title will protect you against loss resulting from any title
loss covered by the policy (up to the policy amount) and costs, attorney
fees and expenses it is obligated to pay.
