Understanding Title Insurance for Home Buyers. Title insurance exists to insure your ownership rights in a property; keeping that roof over your heads safe from threats due to errors in the passing of title from one owner to another.
There are many who view it as a bit of a rip-off because the research is done once in many cases and only updated from the last transfer through the new one. Even though this may be the case, a full premium is usually charged each time property ownership transfers. So, what kind of problems could threaten your ownership? • Liens against the property for work done. • Tax liens. • Claims of ownership of relatives or past spouses. • Errors in surveys which show different property lines. • Subdivision liens due to non-payment of HOA dues. • Rights of way or newly discovered easements.
There are many other ways that your ownership can be threatened, or just the scope of your boundaries due to past errors or newly discovered claims. What is Title Insurance and Why Do You Need It? You understand the benefit of car insurance and homeowners insurance, but chances are you’ve never thought about title insurance until you started the process of buying a house.
What is title insurance? It’s a policy that insures that you won’t have any unknown claims made to the ownership of your home. Title Insurance: Why a Home Buyer Needs It. 6-questions-to-ask-about-title-insurance-1. Florida Title Insurance Company - Artesian Title.