Homes are bought and sold every day. In fact, over 5 million homes were sold in 2015 alone, making the real estate market a constant avenue for buying and selling. Unfortunately, there are many transactions that are never completed for one reason or another. Whether the buyer changed their mind or the seller changed their mind, it is important that you back out of the transaction without burning bridges. A purchase of a home is a big investment and should be done with caution; however, there are times when it just isn't the right decision. To ensure you are making the right choice, here are four reasons why it is a good idea to invest in title insurance.
Boundary Line Disputed
That neighbor who you seemed to get along with great in the beginning may have different motives down the road. While it is crucial to get an accurate survey before you purchase the home, you never know when another survey could be lurking with different boundary lines. Should a neighbor come up with a new survey showing that your property may actually be on their land, you could have a fight on your hands. Title insurance can protect you should you find out that your land may not actually be yours after all.
A Will Comes into Play
You don't always have the background information about who lived in the home before you. If you end up purchasing a home that was part of a deceased person's estate, you could face problems in the future. The will of a deceased person could always come back up if an heir is found at a later date. When you purchased the home, you also purchased rights to the property, but you could still find yourself in court trying to prove that the home belongs to you and not a heir of the previous owner.
Home Sold Under False Pretenses
It is becoming easier and easier to falsify documents and impersonate a person. While you hope that you are purchasing a home from an honest seller, you cannot always fully trust everyone. To help protect yourself, title insurance can cover you should you find out that the home was sold from a person claiming to be the owner who isn't really the owner. You could end up risking your ownership of the home without having title insurance.
Unknown Lien on the House
When the previous owner owes a debt, the lender could end up placing a lien on your home. To avoid paying thousands of dollars on a debt that was never yours, title insurance offers you that added protection. You should always have a title pulled on a home before purchasing it to ensure there are no previous liens on the home before you buy it.
For more information on title insurance and how it can protect you, contact professional real estate title services in your area.Share
21 November 2016
Do you absolutely adore your home, but are planning an upcoming move due to a career change? If you’re moving in the near future, you might desperately desire to sell your current home as soon as possible. To help you accomplish this important task, consider hiring an experienced, real estate agent in your community. This individual can help you select the perfect selling price for your house. Your real estate agent can also provide valuable information about staging your home to perfection. For instance, to make your home more inviting, your real estate agent might suggest you purchase new bedding, window treatments, and artwork. On this blog, I hope you will discover how a real estate agent can help you sell your home fast. Enjoy!