everything you need to know about title insurance

Everything You Need to Know About Title Insurance

If you’re looking at downtown

condos, you may want to become

educated on the basics of title

insurance.


Purchase of a policy at condos

closings can save you from a

multitude of potential legal and

financial issues that problems with

the title search to your property

could cause.


What Is Title

Insurance?


Anyone purchasing condos should

have a title search performed before

closing, as more than one-third of all

title searches uncover a problem that

can and should be resolved before

purchase is completed.


After your sales contract has been

accepted, a title researcher will

examine public records to scout out

any problems with the title, a

process which involves reviewing

several years of real estate records.


Everything You Need to Know About Title

Insurance

This search is intended to make sure

the property actually belongs to the

seller, that he is free to sell it and

that it can be transferred to you at

the time of closing free and clear of

any other liens.

This search is intended to make sure

the property actually belongs to the

seller, that he is free to sell it and

that it can be transferred to you at

the time of closing free and clear of

any other liens.


However, title searches may miss

serious problems, so

homeowners should take the

step of buying an owner’s title

insurance policy.


Potential Problems

With Property Titles


Title problems range from fairly

minor to potentially disastrous.


A title search may reveal, for

example, that the previous owner

had failed to pay property taxes or

had minor repairs done and had

not paid the contractor.


It may even be found that the

seller doesn’t really own the

property, that the home is part of

a conflicting will or actually

belongs to undisclosed heirs.


Why Buy Title

Insurance?


Although a title search should

technically uncover any problems

with the title, there are cases in

which a problem is accidentally

missed or is not in the

public records.


Purchasing an owner’s policy of

title insurance will help protect

your purchase from the fallout

of these unforeseen problems.


The policy is purchased at

closing for the amount of the real

estate purchase and is in effect

for as long as you or your heirs

own the property.


What Kinds of

Issues are Covered?


Owner’s title insurance covers a broad

range of potential problems, ensuring

that your title company will stand

behind you, even covering legal defense

if necessary, if a title problem arises

after the title search is done and you

have bought your home.


Common issues include forgery,

undisclosed heirs, omissions/errors

in deeds or mistakes in examining

records during the title search.


If you’re in the market for condos,

check on how this insurance is

requested and how it is paid for in

your area, as it is

not an automatic part of the

closing process.


Title Insurance

and Refinancing


Refinancing of condos is

considered a new loan and

involves a new title search to

ensure full protection of your real

estate investment.


However, if you bought owner's title

insurance at your original closing,

the policy should still be in effect

for as long as you or your heirs own

the property.


Title Insurance

and New Homes


Even if you build a new home,

you are unlikely to be the first

owner of the undeveloped land.


There could be many prior owners,

and could possibly be liens

against the property.


Any prior builder or subcontractor

who was not paid could place a

lien, and purchasing an owner’s

title insurance policy will cover any

possible problems and associated

legal fees.


If you are looking for a condo to buy

in Tempe, Phoenix, or Scottsdale,

We Know Urban Realty will help you

find the perfect place.


Their realtors are

experts when it comes

to urban living.


Visit the site to see what's

available right now:

http://weknowurban.com/


http://weknowurban.com/

Will Daly, Broker

We Know Urban Realty, LLC

834 E Claremont Street, No 3

Phoenix, AZ 85014

(480) 510-8755

Email: [email protected]


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