What Is Title Insurance?

Posted byPaola Nadeau on Jan 2021 in Law and legal | 0 comments

Purchasing a new home is stressful at the best of times; the buyer is faced with the emotional aspect of becoming a new homeowner along with all the documentation that goes along with the transaction. In many cases Naples title insurance can be overlooked. This oversight could end up costing you many thousands of dollars and causing major headaches in the future.

It has a simple role; by ensuring that no one can lay claim to your property, ever, it gives the new owner tremendous peace of mind knowing that his or her property will not end up being the source of new and unwanted debt. The time to purchase is when you purchase the home because even people who have owned their home for many years have experienced unexpected issues, putting their ownership of the home in jeopardy. Title insurance gives peace of mind to the holder of the mortgage, if there is one, by assuring their loan and you by guaranteeing that there will be no problems with the property in the future.

It’s usually not something that is thought of during the course of the property transaction but there are numerous problems that can arise. The earlier owner could have taken out a loan and used the property as collateral, in a case like this the loan becomes your problem; you are responsible for repaying it. If the property was being sold because the previous owners are going through a divorce don’t be surprised to find out that one of the couple took out a second mortgage without advising the partner. A long lost heir of the previous owners could all of a sudden appear and lay claim to the property, with Naples title insurance none of these issues will have any impact on the new owner.

If a problem of this nature does occur you may very well find that you lose your home and have to vacate it. You may find that you also become legally burdened with paying debt against a property which is isn’t even yours anymore. When you have it becomes the responsibility of the insurance company to deal with all potential litigation or make payments to support your legal battle. Although it is very rare, but in the event you actually did lose your home the title company will either pay you or buy the mortgage from the lender.

When you plan on purchasing a home there is a number of things that are important to consider, one of which is Naples title insurance. When you employ Willis & Davidow as your real estate closing attorney they will see the transaction through from start to finish, ensuring you of long lasting propection.