Buying Property Is A Numbers Business
1. While most accidents, such as a fire, destroy only the house and improvements, a defective title may take away not only the house but also the land upon which it stands. Title insurance protects you (as specified in the policy) against such a loss.
2. A deed or mortgage in the chain of title may be a forgery.
3. A deed or a mortgage may have been signed by a minor.
4. A deed or a mortgage may have been made by an insane or otherwise incompetent person.
5. A deed or a mortgage may have been made under a power of attorney after its termination and would, therefore, be void.
6. A deed or a mortgage may have been made by a person other than the owner, but with the same name as the owner.
7. The testator of a will might have had a child born after the execution of the will, a fact that could entitle the child to claim his or her share of the property.
8. A deed or mortgage may have been procured by fraud or duress.
9. Title transferred by an heir may be subject to a federal estate tax lien.
10. An heir or other person presumed dead may appear and recover the property or an interest therein.
11. A judgment or levy upon which the title is dependent may be void or voidable on account of some defect in the proceeding.
12. Title insurance covers attorney’s fees and court costs pursuant to the terms of the applicable policy.
13. Title insurance helps speed negotiations when you’re ready to sell or obtain a loan.
14. By insuring the title, you can eliminate delays and technicalities when passing your title to someone else.
15. Title insurance reimburses you for the amount of your covered loss per the terms of the applicable policy.
16. A deed or mortgage may be invalid because it was signed while the grantor was in bankruptcy.
17. Each title insurance policy we write is paid up, in full, by the first premium for as long as you or your heirs own the property according to the terms of the applicable policy.
18. There may be a defect in the recording of a document upon which your title is dependent.
19. Claims constantly arise due to a change in marital status and/or defects threatening the validity of a divorce.
20. Over the last 24 years, claims have risen dramatically.
We Hope You Never Have A Title Claim
Americans have the future in mind when they buy a house, and they purchase homeowners insurance to help protect that future. But with home ownership comes the need to protect the property against the past, as well as the future. Each successive owner brings the possibility of title challenges to the property. Every owner, purchaser and beneficiary, whether by a deed or contract, should have an insured title. Your entire investment depends upon the quality of title. Title insurance protects a policyholder against challenges to rightful ownership of real property, unforeseen defects in title that an abstract or the public records do not or cannot show, as well as issues arising from circumstances of past ownership. When you purchase real property, rest assured you can rely on Top Tier Title to protect your interests. Whether this is your first or fifteenth real estate investment, ask your real estate agent or broker to specify Top Tier Title for your closing.