What is Title Insurance?
Title insurance is the protection buyers have when purchasing a house. Not only does it help you through any defects with the property, but any problems the house has that would be unapproved by the buyer.
Why Do I Need Title Insurance?
To say you need something would mean that something is a necessity. Don’t feel pressured, but when it comes to title insurance, it’s because what you’re committing to is a long term investment. This means you’re protecting your property from anything that can appear hazardous while owning that property. Title insurance is usually paid for by the buyer or seller when the property is first bought. If you’re selling the title or renting it out, people tend to have a lender title insurance in case the renter damages or leaves any defects while they stay or use the property. Former lenders attempt to sue the homeowner for how the property was before it was brought, in the case of an event when the homeowner claims there is new damage to the property. When this happens, this is where a Quiet Title action comes in play. Quiet Title is a lawsuit that verifies the ownership of the property. Hence, quieting all challengers or claims to the title.
What Can Possibly Go Wrong?
When it comes to a title, a recording of a warranty deed will make sure your title is clean and was protected before purchase. Another thing to watch out for is a gap in the chain of title. These are not actual breaks, but files that have not been recorded and dealt with appropriately. You would need a Quiet Title action for that to be taken care of. Some buyers make final payments, but aren’t issued a deed. As owner of the title, you should find out everything about the land contract. This kind of work however can be difficult to do alone. The last thing you’ll want to do is try and do all this Quiet Title action work by yourself and wind up in an even greater imposition than before. That’s why it would be in your best interest to attain legal counsel who can guide you and help you understand the process.
QuietTitle.com has helped thousands of individuals clean the defects out of their property’s title, in order to make it clean and marketable. If you have any further questions about title insurance or need help in the Quiet Title action process, give us a call today at (877) YOUR-FIRM.