The Need of a Title Insurance in Coral Springs
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Posted by Javier Cubas
- Posted in Property Title InsuranceTitle Insurance Costs
The Need of a Title Insurance in Coral Springs
In your lifetime, buying a home is perhaps one of the biggest investments that you will make. Hence, it is important to evaluate various types of insurance coverage while buying a new home so that you can have the best protection from damages and hazards. One of the types of insurance which can protect your home or property is title insurance. This type of insurance protects the owners and lenders of real estate from any loss or damage to the property owing to defects in the title of the property, liens, or encumbrances.
Now one may ask, ‘What is meant by title?’ In lucid terms, the title to a property is the proof that the owner of a property lawfully possesses that property.
Title insurance is a type of insurance which protects your property from claims against defects, instances of a third-party claiming ownership of the property, fraud, forgery, encroachments or incorrect records. A title policy is different from other insurance policies, as it does not protect against future risks, but it insures against past events that occurred to the property and the people who owned it. Title insurance can be obtained by paying only a one-time premium at the close of the escrow, which is the process in which the finances of a transaction, for example, the sale of a property, are held by a third-party, who is usually the title company or a legal representative. This is done before the transaction is completed.
Now you may ask, why do you need title insurance? As a buyer or lender in Coral Springs, you need Coral Springs title insurance to be insured against various possible defects in the property’s title. It is a fact that title insurance not only benefits the buyer, but also the seller or the lender.
There are mainly two types of policies in the case of Coral Springs title insurance. These include the owner’s policy and the lender’s policy. The owner’s policy insures the new owner or the buyer of a home or property while a lender’s policy insures the lender’s security interest.
Before you opt for title insurance, you need to know how a title insurance policy is created. Once the escrow officer or lender opens the title order, the lawyer starts a title search, after which a report of initial findings is submitted to the customer for his review and approval. All closing documents are recorded as per the instructions of the escrow. After the recording has been confirmed, the finances are distributed, and the demands are paid, which in turn leads to the actual creation of the title insurance policy.
Title insurance offers financial protection against potential title risks, some of which may not be implicit, such as forged documents, unknown heirs or errors in the records. The title insurer will pay for protecting against such implications and will either clear the title or pay claims that are valid. While buying a new home, it is crucial to enquire about title insurance protection against your property, and protect your home with it.
Are You Looking For Title Insurance or Closing Services?
Nationwide Title Agency has been providing title services throughout Florida since 2006. Our highly skilled staff are always committed to ensuring the success of every transaction we do, in South Florida, nationally and internationally. Also, 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.
