What is title insurance?

Title insurance is a unique type of insurance that is meant to safeguard a person or a property against what has already occurred. Most people are used to other types of insurance that insure against an anticipated loss. For example, a car insurance policy is made to protect the driver from possible accidents while a health insurance policy will protect the insured from likely health risks. Usually, as a real estate owner, you will have two options to choose from. First, you can opt to go for title insurance that will protect your security interest regarding the property. You can also have title insurance that will safeguard your investment in the property.

Title insurance is accompanied by a detailed title search. The search will minimize the chances of a liability to the owner(s) by exposing future title concerns. Additionally, when a property buyer has completed the payment for a property, they will enjoy the security provided by the insurance against a lawsuit that may challenge the legitimacy and the validity of the current owner.

Issues that title insurance seeks to safeguard against.

Title insurance can be of great importance to a homebuyer or lender as it will cushion them against major property matters such as:

• Liens resulting from contractors that may have worked on a property but were not compensated or unpaid unions due by the homeowner and other unpaid debts.
• Falsified or forged deed papers or deed and fraud-related issues that you may not be aware of.
• Issues related to ownership, for example, unknown heir.

The cost of title insurance    

For many years, insurance organizations used to impose monthly payments but current title insurance companies require only one-time charges. Still, the insurance terms will vary depending on the home. We are glad to let you know that Miami title services are among the most affordable in the market today. With our charges, you don’t have to spend a fortune.

Why do you need title insurance?

Mostly, title insurance lenders require that homebuyers should buy title insurance. Again, they just demand a policy that endeavors to protect the lender as opposed to the buyer. This type of insurance is known as lender’s title insurance. For a better future, we suggest that you buy owner’s title insurance. This will protect you against taking responsibility for title hitches.

At first, the owner’s title insurance may appear as “unnecessary” expenses to some people. Interestingly, the reverse is the truth. Owner’s title insurance is a way of avoiding unnecessary future expenses. When a matter arises while you are not covered by this insurance, there will be a possibility that you will have to meet the expenses for rectifying it. Take an example, if the previous owner of the property had evaded tax, the municipality may be forced to put a lien on it. Worse still, the lien will not be lifted unless the due taxes are paid. Luckily, the Miami title agency has you covered. Call us any time for service and consultations regarding this. Don’t wait until the rains start beating you. Take action now.

Did you know that the lender’s title insurance is essential but doesn’t warrant you the immunity against current equity you may be having in a property? That means, if an organization or an individual raises a claim that they have a legal right confirming the possession of the title, the title company can take back the investment. As a result, you won’t be compensated signifying that you will lose the title at the end. To avoid this, you need to secure the owner’s title insurance.

If you are a usual homebuyer, consider yourself among the vulnerable people. As such, you need to take the owner’s title insurance as a priority. Why? Most homebuyers have no sure way of identifying the issues with titles early enough. Thus, to be on the safe side, don’t be hesitant to purchase the insurance. Talk to us for a better deal that will secure your investment for a great future.

Do you have a plan to secure your property by purchasing title insurance? Or do you still want some issues clarified before making up your mind? Miami title agency will be a magnificent resource for you. Our agents are ready to guide you throughout the steps, rendering you special services concerning your particular case. We offer title insurance and fast free quotes that serve Miami and Florida. Take advantage of our adept professionals and enjoy the top-notch services now.