Buyers Guide - Deborah Young

WHY YOU NEED TITLE INSURANCE 21 REASONS

We Hope You Never Have a Ti t le Claim

Wi th home ownership comes the need to protect the property against the past , as wel l as the future. Each success ive owner br ings the poss ibi l i ty of t i t le chal lenges to the property. Ti t le insurance protects a pol icyholder against chal lenges to r ight ful ownership of real property, chal lenges that ar i se f rom ci rcumstances of past ownerships

Here are 21 Reasons for Ti t le Insurance:

A defect ive t i t le may take away not only the house but al so the land on which i t stands . Ti t le insurance protects you (as speci f ied in the pol icy) against such loss .

A deed or mortgage in the chain of t i t le may be a forgery.

A deed or a mor tgage may have been s igned by a person under age.

A deed or a mor tgage may have been made by an incapaci tated person or one otherwi se incompetent .

A deed or a mor tgage may have been made under a power of attorney af ter i ts terminat ion and would, therefore, be void.

A deed or a mor tgage may have been made by a person other than the owner, but wi th the same name as the owner.

The testator of a wi l l might have had a chi ld born af ter the execut ion of the wi l l , a fact that would ent i t le the chi ld to claim hi s or her share of the proper ty.

A deed or mortgage may have been procured by f raud or duress .

Ti t le transferred by an hei r may be subject to a federal estate tax l ien.

An hei r or other person presumed dead may appear and recover the proper ty or an interest therein.

A judgment or levy upon which the t i t le i s dependent may be void or voidable on account of some defect in the proceeding.

Ti t le insurance covers attorneys ’ fees and cour t costs .

Ti t le insurance helps speed negot iat ions when you’ re ready to sel l or obtain a loan.

A deed or mortgage may be voidable because i t was s igned whi le the grantor was in bankruptcy.

There may be a defect in the recording of a document upon which your t i t le i s dependent .

Claims constant ly ar i se due to mar i tal status and val idi ty of divorces . Only t i t le insurance protects against claims made by non-exi stent or divorced “wives” or “husbands .”

Many lawyers , in giving an opinion on a t i t le, protect thei r cl ients as wel l as themselves , by procur ing t i t le insurance.

By insur ing the t i t le, you can el iminate delays and technical i t ies when pass ing your t i t le on to someone el se.

Ti t le insurance reimburses you for the amount of your covered losses .

Each t i t le insurance pol icy we wr i te i s paid up, in ful l , by the f i rst premium for as long as you or your hei rs own the property.

Over the last 24 years , claims have r i sen dramat ical ly

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