When buying a home, ownership verification of the property is crucial. You must also ensure that no outstanding issues will damage the title transfer to you.
Why? Problems with the title can restrict the use of the property and ultimately result in financial loss. That’s where title insurance comes in and where Infinity Home Title can help you.
Title Insurance is a one-time fee that is paid through the closing and is based on the purchase price and loan amount. Title insurance lasts as long as the insured or their heirs hold the title of the property.
Why is Title Insurance Important?
Examples of risks against which title insurance can protect a new homeowner: Forged documents, Fraud, Liens existing against the property at the time the policy was issued, Clerical errors in public records, Inaccurate or conflicting wills and trusts related to the title, Missing heirs claiming to own the property.
If an individual or corporation claiming to have an interest in your property that is not listed in your title commitment later contests your rights, or asserts its rights, your title insurance policy will protect your will in the property. The title insurance company will pay to defend your rights against such contests and it bears the burden.
The cost is minimal and is only paid once. There are no renewal premiums, and there’s no expiration date on the policy. The protection lasts as long as you – or your heirs – maintain an interest in the property. It’s security that lasts.