Obtaining an owner’s title insurance policy upon the purchase of your real property is an important step in protecting your rights as a real estate owner.
If you do not obtain an owner’s title insurance policy you may be subject to certain risks such as:
- All matters set forth in the Public Records
- Unsatisfied claims not shown on the Public Records
- Boundary line and encroachment disputes
- Clerical errors in recording legal instruments
- Encumbrances of unrelated lenders whose mortgage uses an incorrect legal description
While a general warranty deed will contain certain warranties of title from your grantor, there are often exceptions to those warranties for any and all matters of record, including liens, encumbrances, taxes and assessments (which arise after a certain date) and mineral reservations. While an owner’s title insurance policy is generally considered to be protection for purchasers, it continues to protect the owner/insured against any liability he or she may have under warranties made at the time of conveying title to a subsequent purchaser.
Title Insurance Services for Homeowners
Prior to issuing your owner’s title insurance policy, Town Square Title will have a title search completed to ensure that there are no encumbrances or liens on the property you are purchasing. If there are, they will be reflected in the report we receive.
What A Title Search Identifies
- Current Ownership: It is imperative that the name or names on the current deed be the same as the name or names listed as the seller(s) on the contract of sale.
- Current Mortgages: If there are any outstanding mortgages held by the current owner or a previous owner, this will be reflected in the title search.
- Tax Information: The title search report will list the current tax amount for the property as well as whether or not taxes have been paid current.
- Easements: An easement is when there is a legal right of access to another’s property. The title report will reveal if there are any easements of record on the property you are buying.
- Judgments: Should the seller have any judgments against them that could affect your title to the property, it will be revealed through the title search.
- Liens: If anyone has a lien against the property you are purchasing, it will be reflected in the title search. Examples include construction liens and home owners association liens.
How We Ensure Clear Title
Once we have received and reviewed the title search report regarding the property you are purchasing, we are able to determine if any action needs to be taken prior to closing to make sure that you receive a clear title. We have the knowledge and skill to provide comprehensive and innovate solutions to any issues that may arise. Our goal is to provide you with a clear title so that you can enjoy your home for many years to come, but should any unforeseen problems happen to arise, you will have a title insurance policy that protects your investment.
We Can Help You Today
At Town Square Title, we are excited about what we do! We are eager to make the closing experience as painless as possible for all parties. Contact us or call us at 407-422-2234 today so that we can start the process for you!