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Top Reasons To Get Title Insurance
As exciting as purchasing real estate can be, it can also be stressful. In addition to the financial output, there are significant legal hurdles to cross before closing. A property’s title represents ownership of a property, and one of the legal issues that must be addressed involves ensuring that there are no defects with a property’s title.
That is where title insurance can be incredibly valuable. Title insurance protects homebuyers from financial losses if there is a defect in the title. A Fort Lauderdale, FL attorney can help you obtain title insurance and tackle any title defects that arise.
How Does Title Insurance Work?
Getting title insurance protects you against any issues with the property’s title that existed before you purchased the insurance policy. Unlike other types of insurance, you make a one-time payment for title insurance. If you later find yourself in a title dispute, title insurance can provide you with a legal defense. Some of the types of defects covered by title insurance include:
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Fraud
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Easements that give another party a right to access your property
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Unpaid liens or judgments
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Documents that were executed improperly
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Outstanding debt such as unreleased mortgages
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Unpaid taxes and assessments
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Undisclosed heirs
Top Reasons You Need Title Insurance
Protection from Defects
Even if you have run a thorough title search on the property, there may still be unforeseen defects that could come up after you have purchased the property. Title insurance protects you from these covered defects. For example, title insurance could protect you if you later discover an easement that allows a utility company to build on your land. Your title insurance would work on your behalf to resolve the issue and pay you for losses.
Legal Fee Coverage
Title insurance will generally not only protect you from the financial losses that could occur if you discover a title defect, but also offer the additional protection of providing coverage for legal fees you may have to spend to defend yourself in a covered title action.
Peace of Mind
With the high financial and legal stakes that come with a property purchase, title insurance provides peace of mind against financial risks that could harm your investment.
Lender Requirement
Some lenders require you to obtain title insurance as a condition for obtaining a mortgage. Obtaining title insurance can speed up mortgage approval and closing.
Contact a Fort Lauderdale, FL Real Estate Attorney
Buying real estate is a significant financial and legal investment. An experienced Broward County, FL title search attorney can provide title insurance to protect your real estate transaction from any title issues. Contact The Elliot Legal Group, P.A. and schedule a consultation by calling 754-332-2101 today.
