- December 09, 2022
- Posted by: Expert Title Company
- Category: Title Insurance
Securing Your Investment: Unveiling the Power of Title Insurance for Homebuyers
Title Insurance in Coral Springs is a valuable service that covers you and your property against future unforeseeable incidents. Different types of policies dictate how much coverage you will receive.
What Do Title Policies Cover?
A title policy covers events relating to real estate transactions. Here are some of the things it can protect you against:
- Forged documents
- Property survey errors
- Boundary disputes
- Encroachments
- Conflicting wills
- Building violations by a previous owner
Types of Title Policies
Two main types of title policy coverage are described in detail below:
Lender’s Insurance
As the name suggests, this policy protects the lender from financial loss associated with offering a mortgage loan. It covers claims that may affect the lender’s loan to the homeowner. Most lenders require homeowners to buy a lender’s title policy when purchasing a property.
Owner’s Insurance
This type of insurance protects the buyer from unforeseen events that might occur as a result of a real estate transaction. The owner’s title policy is optional and should be purchased once. Most owner’s title insurance in Coral Springs can cover these issues:
- Liens from contractors
- Errors on the title deed
- Encumbrances
- Unpaid child support from the previous owner
Why Is a Title Policy Important?
Title policies offer several benefits beyond expedience and value for money. Some of them include the following:
Protection From a Seller’s Hidden Liability
A seller could have a previous claim that is unknown to you. It could be an unpaid mortgage, tax lien, or any other debt that needs to be satisfied for your real estate transaction to proceed smoothly. If the seller sells their property to you and passes away in the future, you might be in danger of losing your property due to this liability. A comprehensive title policy will prevent this from happening.
Protection of Your Personal Assets
If you have a title insurance policy, your personal assets will be protected if there is a liability against the property. For example, your personal bank accounts, stocks, and bonds will not need to be used during a legal claim against the property for title defects or encumbrances.
How Much Does a Title Policy Cost?
Before you purchase a property, you need to know the price of your title policy. This cost varies depending on the type of coverage you require for your transaction. Check the best title insurance company in Coral Springs for their price packages.
What type of title policy do you need? Consult with the experts to determine the most comprehensive coverage level for your real estate transaction. Expert Title Company is a leading title insurance company in Coral Springs, Florida. For more information about title insurance policies, contact Expert Title Company for help.