Content Written By: April Wilson, Ryan Winter LLC contributing writer
Homeownership is one of the most exciting things in life. Unfortunately, it is also one that is financially challenging. The cost of buying a home can be high, and if you do not acquire title insurance to protect your investment, you could lose it all. Purchasing title insurance before closing on your house is the best way to protect yourself from financial loss.
But, finding the right title insurance does not need to be complicated. Asking the right questions makes research quick, easy, and painless. And, as a future homeowner, it is your decision on whom you want to choose for your title insurance carrier. Do you need help with title insurance now? Click here to see how US Patriot Title can help now.
Keep reading to learn more about title insurance and the top 10 questions you have to ask your potential title carrier.
What is Title Insurance?
Title insurance protects you against loss due to defects in the title to a home. It also saves you from damage caused by fraud. The primary purpose of title insurance is to ensure that the buyer receives the home free and clear of any liens against it.
When you purchase a home, your lender will order a title search to determine any liens against your property. If the investigation reveals any liens against your home, you will need to file a form with your property appraiser, which will record the liens on your property.
Top 10 Questions to Ask Your Potential Title Carrier.
- On average, how long does it usually take you to run a complete title search?
- How long have you been in business?
- Do you currently, or have you previously, been a member of any professional associations?
- If you answered yes to number four, what were the names of the associations?
- Does your title insurance attorney have ample experience, or are they newer?
- Does our state preset title insurance rates?
- What are your title insurance premiums (or rates)?
- In your experience, what has been the most challenging title search and why?
- How did you handle the most difficult title search you’ve performed?
- In your company, please share what the ratio is of title claims to your customers.
Why Title Insurance Matters for Every Home Buyer.
Finding title insurance does not have to be challenging. It can be one of the easiest things you do in the home buying process. Though many companies offer this service, not all of them deliver the same level of care and expertise. Why? Because not all title companies are the same.
Title insurance protects both you and the mortgage lender against fraud. It ensures that you receive an accurate and truthful description of the property and its condition. Title insurance also ensures that you receive a fair market price for the property. Finding the best title insurance for your home is easy when you know the questions to ask.
Some title companies specialize in certain types of transactions, while others focus on specific areas within the real estate industry. Whether you’re considering buying or selling a home, it is essential to understand how title insurance works and how to choose wisely.
