Buying a home is an exciting adventure. That said, there are legal matters that must have proper attention. Arguably the most vital is the property title.
You may have questions about this essential piece of documentation. The following answers a few queries you might be pondering.
Why should I buy title insurance?
Title insurance protects the buyer against problems emerging after a home sale. Should an issue arise, the insurance company pays for necessary legal help. It also compensates for any valid claims. These policies are in effect until you no longer own the home, giving you valuable peace of mind.
What types of problems can there be with a title?
A title investigator might discover a property deed contains mistakes or glaring omissions. Forgery could lead to a thorny lawsuit. Sometimes, a previous owner neglects to pay taxes, or contractors still want payment. Surprisingly, a third of title searches reveal significant complications that need resolution.
Where can I store my title?
Your title should go in a secure spot where strangers cannot reach it. A bank safety deposit is a popular location. Another option is inside a home safe. Keep the combination to yours in an equally guarded locale.
Do not panic if you wind up losing your tile. A copy is attainable from your local county courthouse. Assuming you have a mortgage, the banker in charge of your policy will also be able to get one.
Having the property title to your house is imperative. Understand the importance of this record when making a real estate transaction.