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Harmony Blog

News, updates and announcements.

Do I Need Title Insurance?

1/13/2016

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Buying a home is a big deal! For many of us, it's the single most expensive financial decision we will make in our lifetime. There are so many hurdles to navigate -- let us help you through it. Imagine you've just bought your dream home, and somebody comes knocking at your door one day claiming that you owe them money for work done on the property before you bought it. Or a stranger comes forward claiming they are an heir to a deceased previous owner of the property and therefore own it. That's impossible, right? Wrong! If title wasn't cleared and you didn't purchase title insurance, then your ownership of the property may be in jeopardy.

First of all, what is "title"?
Title is an owner's right or claim to possess and 
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use property. Although it sounds simple, that's not always the case. The person who you think of as the owner of the property, whether because they live on the land, or even if they're selling you the property, may not be the only person who holds interest. For example, interest in the property may be held by a bank with a mortgage, the government through a tax lien, an easement placed by the city to allow for ​
the placement of power lines, and multitudes of others. 

How do I find out what  potential issues are associated with the property?
A title search will help you figure out who might stand in the way of your claim through a search of public record. A title agent is trained to find potential issues, including liens, limitations on use, rights of others, and any other monetary obligations.

What is title insurance, and why do I need it?
An Owner's Policy will insure you against events that occurred prior to the date on which the policy is issued. Your title company will stand with you by helping to pay valid claims and covering the cost of your legal defense should any issues arise. So, should somebody claiming ownership crawl out of the woodwork, you will be covered.

When should I purchase title insurance?
At closing, you should purchase an Owner's Policy. Although it's commonplace, it's not always automatically part of the closing process that a policy b e added. So, be sure you request one. Remember that you have the right to choose your title company. If you're wary of a seller pushing too hard for their title company, you can always discuss options with your real estate agent or lender. 
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