The Importance of Title Insurance
You purchased a home and at the closing you will find a fee for Title Insurance including Owner’s Title Insurance. I don’t always find that it is explained to the purchaser at the closing so they understand the importance of TITLE INSURANCE and that is why some property Owners don’t put a lot of importance on it. I hope that you never have to use it.
You purchase home owners insurance to protect your home and household goods. As home owner also need to protect the property which can be for the past ownerships, present and future ownerships. I say if the Bank makes you pay for it because of the loan you want it also to protect you and get Owner’s Tittle Insurance. It protects you for a lifetime of ownership for this property. I like to tell my clients to keep their TITLE INSURANCE in a safe place. Good, if they never need to use it, but better if they have to. And you may need to after you purchased the property in the future. If you have to hire an attorney it will cost you to have your title challenges researched and cleared. It can happen. I have had clients that it happened to so even after you sell your property and buy a new one keep the title insurance policy to every property you ever own(ed) in a safe place, just in case you may need it. Chances are that you don’t but you never know.
I find the link to Chicago Title Insurance very helpful to explain it and it has 21 reasons why you need Title Insurance I thought was good to know:
And following here is the link from the Chicago Title Insurance Co with full explanation of Title Insurance better than I can explain it in details http://www.ctic.com/whatistitle.aspx
I wanted to share this with you because I feel it is very important and since you paid for the title insurance of your property it will protect you forever, provided you keep the policy in case you need it, even after the sale of each property. A onetime fee lasting you a lifetime of protection.
By: Rosemarie Averhoff, CRS®
Broker Associate, Realtor®