It doesn’t matter what you’re thinking about when you own something of value, you probably know that you should have insurance for it. Insurance is available for a number of things such as your car, your life, and your real estate.
Knowing what a real estate title is and why you need insurance for it can help protect you in the event where an issue or problem arises.
What is It?
To put it simply, real estate title insurance is basically an insurance policy that protects you against loss in the event that the condition of your land title is different than as it was insured.
In other words, this kind of insurance will protect the homeowner or lender’s financial interest in the property against losses due to title defects. The things that are insured under the title insurance can be ownership or mortgage, but can also include lease or life estate.
What are the Costs?
The costs of title insurance can vary, depending on where you buy insurance from, but it mostly depends on the value of your property. Fortunately for you, the expense only needs to be paid one time, but the coverage will last during the entire time you have an interest in the property.
If you were to pass away or even sell your property and give warranties of title to another buyer, the coverage will continue for your heir or the new buyer.
Read Also: Why title insurance is important
Obviously when you hear the word insurance, you can automatically assume that in the case of an accident or problem, paying for insurance will cover you in these kinds of situations. With title insurance, there are different levels of coverage available.
Some of the risks that are covered in different levels of coverage include:
- Undisclosed prior mortgages
- Forgery issues
- Violations of laws or zoning ordinances
While the coverage varies from company to company, it is important to know what your coverage is for your property interest.
Real Estate Title Search
When you’re buying a property or piece of real estate, you’re making a major purchase and financial decision. Knowing what you’re getting into, who you’re buying from, and ensuring everything is legal will provide you with some relief before you jump into any rash purchases.
A real estate title search can be successfully completed with the help of a real estate title search company who employ educated and knowledgeable staff with experience doing so. They will be able to collect all of the important documents you need to ensure your transaction is done correctly and legally. A title search can include many activities, including knowing who exactly owns the property, if there were any restrictions placed on the property and more, which can be read here.
Contact For Quality Title Services in Miami, Florida
At Title Lab, it is not only our job to ensure you are completing a legal transaction but it is our pleasure to work with you and keep you protected against any unforeseen issues. We will be sure to inform you of all information, including liens or mortgages that are on the property. Whether you’re a lender, broker, developer or individual seller or buyer, contact us now. Call us at (305) 440-4150 for more information.