Three Common Title Defects and How Title Insurance Saves You
Any real estate agent will tell you that buying a home is not the cut-and-dry experience that you might have when buying a car or other big ticket item. There is a lot of paperwork that goes into buying a home. Among the expenses you will experience during the purchasing process are appraisals, home inspections, and title insurance. Title insurance is necessary because sometimes issues do arise with titles that can prevent or delay a sale. Here are some common title defects and how title insurance helps save you.
Co-Owners
Sometimes the deed may not accurately reflect all of the owners of a property. If a property has shared ownership with a spouse, sibling, parent, or other person or entity, that owner needs to sign off on the sale as well. If they don’t and they come back later and stake a claim to the property, you could lose your home. Title insurance will protect you by repaying you for the money you have lost from losing the property and may also cover some moving expenses. Read more
