Global Courant
When it comes to title insurance costs, coverage and other important policy facts, many homeowners just don’t know the details. In some cases, buying can seem so daunting that they skip the important step of insuring their investment. In reality, this simple step can save some homeowners many thousands of dollars, making it a worthy part of the process that you shouldn’t miss. If you’re considering buying a home, read through these answers to the most frequently asked questions so you can protect your most valuable asset.
What is property insurance and why do I need it?
In some cases, property owners are shocked to discover that someone else has a lien or claim of some sort on the home they just bought. Insuring your property purchases will protect you against claims others may make on the home and, if necessary, compensate you for any financial losses.
How is it possible for these types of outstanding liens or receivables to be attached to a property after it has been sold?
Property transfers have been taking place in the United States for over 200 years. In those years, transfers have been recorded and re-recorded in books, paper files and now also on computers. Sometimes mistakes are made when consulting, copying and transferring the records. In many cases, these types of errors can be attributed to human error. Other circumstances arise from fraudulent activity, such as someone acting as the owner of a property when they are not the rightful owner. Other common issues include unpaid property taxes, a forged signature, or incorrect property descriptions.
How long does a title last?
It remains in effect and protects your investment in your home for as long as you own the property, whether that’s for a few years or many decades.
How much is the cost of title insurance and who pays for it?
Title insurance costs vary from sale to sale, based on the value of the home. In some cases, the seller and buyer share the cost of the policy, although it is usually assumed that this is the sole responsibility of the buyer. It’s usually rolled into the closing costs so the buyer doesn’t have to worry about extra out-of-pocket expenses.
How often does a homeowner pay the fees?
These are only paid once, when the policy is chosen. Many people consider this to be the single most important investment a homeowner can make when buying a new home.
Answers to the most frequently asked questions
World News,Next Big Thing in Public Knowledg
#Answers #frequently #asked #questions
