What is Title Insurance
Title Insurance is an existing policy that protects a property owner against losses related to the property title or ownership.
What does it cover?
Title Insurance is a one time fee (relatively inexpensive) and covers such things as
- Unknown title defects
- Existing liens against property title (unpaid debts from utilities, mortgages, property taxes etc.)
- Encroachment issues
- Title Fraud
- Errors in survey and public records
Fortunately the majority of solicitors will not close out a deal without Title Insurance.
My focus is to inform existing homeowners who do not have Title Insurance ( In my opinion every homeowner should have Title Insurance). If for one reason only Real Estate Fraud.
Here is an example:
Identity Theft-A fraudster using stolen personal info or forged documents, to transfer title to him or herself without you knowing. The fraudster then obtains a mortgage and disappears with the money.
*Thieves often target properties that are mortgage free and have owners with good credit ratings*
The legitimate owner is then stuck defending his/her interest in the property and any mortgages placed on the property.
By obtaining Existing Homeowner Title Insurance you can rest assured that your policy contains coverage for losses due to many forms of title and mortgage fraud and a duty to defend your title.
For more info or to obtain Title Insurance email me at ppaglia@trebnet.com
Phil Paglia