Title Insurance – An Essential Need Especially During the Mortgage Cr

The mortgage crisis will only get worse before it gets better but during these days but as crazy as it sounds there are some investors are actually trying to buy houses at these depressed levelstrying to time a bottom. There are many other factors to look at when buying a house and one that is overlooked more times than not is making sure you have protection against a faulty house title or a home title that has other problems connected with it. One of the best ways to make sure your house title is protected against all of these potential legal hazards is to purchase title insurance.

I will give you some examples so that you can fully comprehend the urgency to have title insurance that is purchased from a good company. Lets say a deed or title is passed down and sold and resold many times and the original title may have been signed by a person that is under age. A good Title insurance coverage will most likely protect you there. It can also protect you if you purchase a home and the title turns out to be a forgery or fake signature. Lets say that the house you purchased may have a mortgage on it that was done secured by someone other then the seller of the property to you. It can also protect you against a deed in which the other partner did not agree to the sale of the home. Lets say you purchased a deed but the deed wasn’t indexed properly that it wasn’t located in the land records. I’m sure that a lot of home titles are clean but you could never be to sure and title insurance provides the kind of protection on the title of you home that allows you to sleep well at night.

The first thing you need to know about title insurance before shopping for it is that there are 2 types of title insurance. One is called the Loan Policy and that policy is made to protect the lender and then there is the Owners policy of title insurance. This policy was created to protect your interests (the buyer). Now when shopping for title insurance rates its best that you properly understand the law of each state in how the company can set these rates. In some states the rates are set by the State Department of Insurance and examples of such states include Florida and texas. States like these are required by this entity to charge the same price for title insurance. just make sure you check what law your state falls under.

the most important part of choosing a title insurance company is to do your due deligence because in the end it is your money that is being spent. Research these companies online, ask your bank or banks attorneys which they see as reliable. In the end many people decide that its too much research to do and they end up going with the title insurance company recommended by their bank even though the individual by law can choose a title insurance company on his or her own. Just don’t get caught with a bad title insurance company or policy that doesn’t properly protect you against the many unforeseen problems that could happen later with your House’s Title.

Author loves to write about many different subjects such as Title Insurance and how to get affordable home insurance quotes