A Property Title Insurance is not a Duty but a Right

A Property Title Insurance is not a Duty but a Right

A few years ago, it was not common that the outskirts of the cities were so listed as their commercial and downtown areas. This is due to that, little by little, it has being noticeable the scarcity of land, which has led to an increase in prices in the suburbs. This is a very important factor to consider with property title insurance today because it is a business that can be both risky and very auspicious in terms of money, with amounts that are usually too onerous for the normal standards of individuals.

Real estate is one area which is as risky as it is profitable. It is risky in the sense that it has been often a case of disputes – the large amount of money involved in the same being one of the reasons. Land is available at a premium today and property even in the outskirts of a city is being converted to prime land. This was not the trend before but this has become the order of the day with scarcity of land.

Protecting your property is your birth-right and also the duty of the law of the land. But it often happens that people with super-sharp brains often trick the law and can confiscate your real estate. Agreed that simple property title insurance is required, but that is not sufficient. Only if you have title insurance, will it help your cause that anything else. Impersonation, forgery, etc. are some of the important reasons why you should get your property title insurance ASAP.

The Criticality of property title insurance of Real Estate

There may arise any defect in the title due to the reasons such as mentioned above or even when someone forces you to part with your property. In technical language, it is thus known as a defective title. It brings down the real valuation of the property as obviously, disputed property is not something that one would like to buy. Though after some years, when the litigant has lost the case, the value of the property goes up by leaps and bounds. This is when the miscreants and the impersonators make the real profit.

It is not just a verification of your ownership but also a mechanism to detect and flush out abnormalities in title deeds, clauses and related documentations which may have discrepancies. Sometimes, it is the case that lease property transfers are not recorded or documented and hence can bring pains to a person who actually owns the property as there is a perennial fear of being forcibly removed by a wrong-doer. Laymen having little or no tryst with law will acknowledge this fear and hence live in constant worries. Having a property title insurance will help you erase and forget all your worries.

Technicalities involved in Title Insurance

Insurance payment can either be made by the lender or the owner. It depends on the mutual agreement between the two parties. The lender’s policy makes it obligatory for the buyer to pay for the property title insurance whereas the owner’s policy mentions that the seller has to be the payer for the insurance amount.

There is also something called the constructor’s policy which makes the real estate developer liable to pay for the property title insurance amount. The amount varies from state to state – as the local government fixes the rates. If you’re interested in the federal involvement in the same, it is only in the case of severe disputes where the law of the local has not been able to find any conclusive proof of the litigant’s claims to the ownership of the property.

If you want to protect yourself and your property from legal hassles, title insurance is a must for you.

Are You Looking For Title Insurance or Closing Services?

Nationwide Title Agency has been providing title services throughout Florida since 2006. Our level of passion about title which is unmatched in the industry. Our highly skilled staff are always committed to ensuring the success of every transaction we do, in South Florida, nationally and internationally. In addition, our strong relationships with many of the nation’s top underwriters give us the flexibility and our clients every advantage. Call us today for a title inquiry at 954-755-8210 or click here for a title quote request.