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"I enjoy working with Sierra Title because they take great care of my clients. Matt always goes the extra mile to ensure the client is happy and understands everything that is happening. In addition ...."
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| Robert Fillyaw |
| Mortgage Loan Officer, Retail Mortgage Sales |
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| Title Insurance |
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The purchase of a house is said to be one of the most stressful things a person will ever do. With so many different aspects to worry about, don't overlook title insurance. The purchase of title insurance can end up saving you thousands of dollars and can prevent potential problems down the road.
An owner's title insurance policy guarantees that your are the only legal owner of your property. It also provides the peace of mind that you will not incur unexpected debts from your new property. Even if you have owned your property for years, unexpected problems can arise in the back chain of title that may put your ownership in jeopardy. The lender's title insurance policy means that your lender can be reassured that there are no liens against the property other than their loan, and you can be reassured regarding possible problems with your property.
If you're buying a home without title insurance, you have no way of knowing if a previous owner had taken out a loan on the property, which would become the new owner's debt. In a separation or divorce, the previous owner could have taken out a mortgage without the knowledge of their partner. A lost heir could appear and stake a claim to the property. Title insurance protects new owners from all of these claims.
If one of these problems occurs and you are without title insurance, you could be forced to move out. You could also legally be required to pay a debt on a house that is no longer yours. If you have an owner's title insurance policy, the title company will handle any litigation or payments towards your case. In the very rare case of title loss on your property, the title company can pay you or buy the mortgage from the bank. |
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