Title insurance can reveal past problems.
Every title insurance policy begins with a title examination. A title examination generates a comprehensive and detailed summary of any and all legal instruments recorded with respect to the subject property, such as deeds, mortgages and easements. A title examination can also reveal any one of a number of potential problems adversely affecting the property’s title. For example, a title examination may show that an adjacent building has been constructed on a portion of the subject property (i.e., an encroachment), or that a contractor has filed a lien on the property. If issues do arise during the title examination, such issues can be addressed before the closing or sometimes remain on the title as an “exception.”
It also safeguards your investment.
Without a title insurance policy, a commercial property investment could be vulnerable to potential issues and claims. For example, if someone does file a claim on a property – even if it’s an illegitimate claim – the owner may have to pay for the legal fees required to defend their ownership rights (not to mention the time and headaches associated with handling legal issues). With title insurance, the owner can rely on their title insurance partner to address any title issues that arise.
What Does Title Insurance Typically Cover?
Every policy is different and is based on the property, the needs of the buyer or seller and the terms of the transaction.
Here are some of the more common ways a person can lose title to his or her home:
What does title insurance cost?
The cost of title insurance varies from state to state. It is regulated in most states, including Ohio. Contact Mission Title LLC for a quote today.
How is title insurance paid for?
Title insurance is paid for in one lump sum when the home is purchased.
Is there a limit to how long title insurance lasts?
Yes. Title insurance lasts as long as the home is owned by the same owner.