- July 30, 2020
- Posted by: Expert Title Company
- Category: Lighthouse Point, Title Insurance
Buying a home is an exciting process, albeit an overwhelming one at times. If you’re about to buy a home, you may view getting to the closing table as your primary goal. Getting to the closing table is indeed the ultimate hurdle that will have you breathing a long sigh of relief! But, you’ll need to slow down your roll first, because there are a few steps along the way that you’ll need to get through before your dream of homeownership can become a reality. When you and your lender sit down at that closing table, you’ll want to be as well-versed as possible in all aspects of real estate transactions. This is for your own protection should anything arise that would hinder your ability to purchase the property. One of the main things you’ll need to do when you’re in the process of buying a home is to buy a title insurance policy in Lighthouse Point from a respected title insurance agency. Expert Title Company should be your first choice. We have been helping people realize the dream of homeownership for many years in South Florida. We will help you to purchase title insurance in Deerfield Beach, which will protect you against anyone laying claim to the property or legal issues that may arise.
What types of title insurance are there?
There are two main types of title insurance that you should be aware of:
- Owner’s title insurance: this type of insurance protects you (the property owner) if someone comes along after you buy the house, lays claim to it, and decides to take legal action against you. i.e., long lost Aunt Fannie claims she has a right to the home before you purchased it; and
- Lender’s title insurance—also known as private mortgage insurance, which pro our lender and compensates them of any losses if you should default on your loan. You, the home buyer, will pay for the lender’s title insurance when you close on the house. This type of insurance is normally required when you put down less than 20% on a conventional loan or get an FHA or USDA mortgage.
One of the essential aspects of title insurance is the peace of mind it brings knowing you are protected if any claims should arise. The truth is because title insurance companies are risk eliminators; the probability of exercising your right to make a claim is really very low.
How do you choose a title insurance company?
Your realtor or mortgage officer will probably have contacts in the industry and probably works consistently with a title insurance company they can recommend. Expert Title Company is a licensed South Florida title insurance company with years of experience offering expert guidance to help you make the right decisions about all of your home or commercial property needs.
What does an owner’s title insurance policy cover?
Your owner’s title insurance policy in Lighthouse Point will be your saving grace and protect you if any of the situations below happen to crop up:
- A person other than you claims they own an interest in the property
- Fraud, undue influence, duress, incompetency, incapacity, or impersonation
- Defective recording of a document
- Covenants that are restricted
- Discovery of undisclosed liens due to a deed of trust, unpaid taxes, special assessments, or homeowners’ association charges
- An unmarketable title
- Limited or no access to and from the land
Ready to learn more?
It’s important to ask your real estate title insurance agent to explain what is and is not covered under your owner’s title insurance policy. At Expert Title Company, we have the years of experience to guide you and the knowledge to help you understand exactly what you need to know about your title insurance in Lighthouse Point and how purchasing owner’s title insurance is a smart decision can provide peace of mind. We are here 24/7 to help with a quick 24-hour turnaround in most cases for all your escrow needs and documents you need to be processed. Our team of exceptional processers always has your best interests at heart, with the utmost client satisfaction in mind. Call us today at (954) 570-5959.