Get Title Insurance when you buy a house in Springfield. Owning a home continues to be one of the most important parts of the American dream. But, having the deed or title to a piece of land does not necessarily mean the property is yours free and clear. Other people may have certain prior rights or claims that your deed will not erase. Such rights can go back all the way to the earliest owners of your new property. You want to be sure you will remain the true owner, and that there will be no claims or liens against your new home — other than the mortgage you agreed to pay
First, what do we mean by “Title? When you buy a house in Springfield, the title to a piece of property is the evidence that the owner is in lawful possession of that property. Your right to use your property is protected by the Fifth Amendment of the Constitution and cannot be taken from you without just compensation.
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions, and exclusions.
Fire insurance, earthquake insurance, flood insurance, and car insurance protect you from future damage. Title insurance protects your greatest asset from things that have happened in the past, such as:
The Title Insurance Company can do that because they conducted a Title Search. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.”
Not necessarily. There are two types of Title Insurance. Your lender likely will require that you purchase a Lender’s Policy. This policy only ensures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance and typically require the borrower to pay for it.
An Owner’s Policy, on the other hand, is designed to protect you from title defects that existed before the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your owner’s title policy covers the full cost of any legal defense of your title.
When you buy a house in Springfield signing the paperwork can be lengthy, and realtors try their best to explain everything you are asked to sign. If you have questions or you don’t understand, ask now. Once you sign, there is little recourse. It is too late to say, “I signed, but I didn’t understand what I was signing.”
Since our inception, we have been helping homeowners along with improving communities in every city in which we work.
We have extensive knowledge of the business, a network of resources, and years of expertise. Obsidian Home Solutions can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.