Title Insurance 101

Title Insurance 101

November 09, 2021

Buying a home is full of exciting moments and important steps. One of the most significant details is title insurance.

Title insurance comes in two main forms and is designed to protect both buyers (owner’s title insurance) and lenders (lender’s title insurance).  An owner’s title policy comes into play when a property is being sold and it protects the buyer to be sure the property they are purchasing is free and clear of any flaws in the title.  A lender’s title policy is purchased to protect the lender on any loan they make, regardless of if the loan is to purchase or refinance property.  Some of the pitfalls that title insurance helps you avoid include mortgages that were never satisfied, unpaid property taxes, unrecorded liens, and access right disputes.

“I have been working in title insurance for more than 17 years now and it still amazes me as to how many defects we uncover when we do title searches for our customers,” says Vicki Riska, manager of Premier Insurance Services. “Most of the issues are easily corrected and it’s then that the customers truly understand why this insurance is necessary.”

Purchasing title insurance is a process that can be done through a title insurance agency.  If you are looking to buy or sell property without a realtor involved, the title agent can help you through the entire process, starting with the offer to purchase.  The costs involved are based on the sale price among other details of the transaction.

“We have helped many customers buy or sell properties and work hard to make it as easy as possible from start to finish,” adds Riska.

Making sure you’re protected as you prepare to make a major financial decision is the key purpose of title insurance. Dreams can quickly turn to nightmares if title insurance isn’t in place to protect you from financial burdens that could be hiding beyond the view of your initial title search.

If you have questions about title insurance, contact a Premier Insurance Services expert today!