What is Title Insurance?
Title insurance is a crucial aspect of the real estate industry, yet many homebuyers are unaware of its importance. In this blog post, we will provide an overview of title insurance, why it's important, and how it can protect you as a homeowner.
What is title insurance?
Title insurance is a type of insurance that protects homeowners and lenders against any legal issues that may arise with a property's title. This includes things like unpaid taxes, unpaid liens, and other issues that could potentially impact a homeowner's ownership of the property.
Why is title insurance important?
When you purchase a home, you are essentially buying the property's title. A title is a legal document that proves you are the rightful owner of the property. However, there are many legal issues that could impact the ownership of the property, and if these issues are not addressed before closing, they could cause major problems down the line.
Title insurance helps protect you against these issues. It ensures that you are the rightful owner of the property and that no one else has any legal claim to it. This can save you a lot of money and hassle in the long run.
How does title insurance work?
Title insurance works by conducting a thorough search of the property's title history. This search looks for any issues that could impact ownership of the property, such as unpaid taxes, liens, or other legal issues.
If any issues are found, the title company will work to resolve them before the sale is completed. Once the issues are resolved, the title company will issue a title insurance policy, which provides protection against any future issues that may arise with the property's title.
In the event that an issue does arise with the title, the title insurance policy will cover the cost of resolving the issue. This can include legal fees, court costs, and other expenses.
Conclusion
Title insurance is a crucial aspect of the real estate industry that every homeowner should be aware of. It protects you against any legal issues that may arise with the property's title and can save you a lot of money and hassle in the long run. If you're purchasing a home, be sure to ask your real estate agent or attorney about title insurance and how it can protect you.
by Mike Krukowski - Lannon Stone Realty - formerly with Keller Williams Realty North Shore Milwaukee
www.mikeKrealty.com
Real Estate Agents in Milwaukee and Lake Country, Wisconsin - State Wide and beyond!
Whether you're relocating to the Milwaukee area, Selling or Buying, we can help you with great info about Lake Houses and great neighborhoods!
source: openai.com