FOR HOMEBUYERSA Guide to Title Insurance
WHAT IT IS
WHY IT MATTERS
HOW YOU BENEFIT
Title is your ownership right to your property.
No homebuyer wants to inherit existing debts or legal issues that could interfere with their property rights in the future.
Clear title allows you to use or modify your property.
Title insurance professionals examine or research public records to see if there are any problems or defects that could cause you legal issues. They may also manage the closing process.
The title professional ensures the title search is completed, writes the title insurance policy and works to reduce your risk of ownership issues in the future.
Your title professional has your back. They sweat the small stuff so you don’t have to, giving you peace of mind.
A title search is an early step in the home buying process to uncover issues that could limit your rights to the property.
If a title issue is discovered, most often your title professional will take care of it without you even knowing. After the title problem is fixed, you are able to purchase owner’s title insurance.
The title search allows the title professional to issue you a comprehensive title insurance policy.
There are two different types of title insurance: the owner’s policy and the lender’s policy. The owner’s policy is purchased by you, the homebuyer. While it is your choice, purchasing an owner’s title insurance policy is the best way to protect your property rights. The lender’s policy is usually paid for by you or the seller. It is almost always required by the lender and only protects the lender’s interest.
Sometimes undiscoverable defects can come up after the title search. Title issues may include forgery, fraud or clerical errors. Owner’s title insurance is the best way to protect yourself from losing your property.
Every year, the vast majority of homebuyers in America elect to protect the largest investment of their lives, and purchase owner’s title insurance. Owner’s title insurance protects your interests after you purchase your home.
Closing is the final step in executing the home buying transition.
It is the process that allows the transfer of ownership to occur.
Upon completion of the closing process, you get the keys to your home!
Northeast Berks Abstract
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