7 Reasons Why You Need Title Insurance When Buying Property
The purchase of a home is a big decision and one of the most important investments you’ll ever make. It’s important that you protect your investment by getting title insurance. Here are seven reasons why you should get title insurance when you buy a property.
1. Protects You from Financial Losses
Title insurance protects you from financial losses from claims to the title or ownership of the property. If there has been a dispute or legal challenge to the title of the property, title insurance can cover any legal fees and costs associated with resolving the dispute.
2. One Time Payment
The one time payment for a title insurance policy covers the life of the property. Unlike other forms of insurance, you don’t have to keep on paying for it month by month.
3. Lender Requirement
Your lender requires it when you take out a loan to protect their interest in the property. Most lenders that provide a loan for the purchase of a home will require title insurance as part of the loan agreement.
4. Protection from Title Defects
Title insurance protects you from any title defects, such as forgeries, missing documents, undisclosed heirs, mistakes in public records, and other title issues.
5. Peace of Mind
By having title insurance, you can rest assured that you are protected from any financial losses arising from title defects.
6. Ability to Close Quickly
When you have title insurance, you’re able to close on a property quickly and efficiently. Most lenders will require title insurance before they will approve a loan for the property.
7. Get Covered
If you’re in the market for a property, make sure you get title insurance. It’s an important step in protecting your investment and your future.
So there you have it. Seven reasons why you need title insurance when buying property. If you’re looking for a title company, go to Forever Home Title located in Tampa, Florida. They are a great company and will provide you with excellent service.
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