Title Insurance When You Buy Cedar Rapids House
Get title insurance when you buy Cedar Rapids house. Owning a home continues to be one of the most important parts of the American dream. But, having the deed or title to a piece of land does not necessarily mean the property is yours free and clear. Other people may have certain prior rights or claims that your deed will not erase. Such rights can go back all the way to the earliest owners of your new property. You want to be sure you will remain the true owner, and that there will be no claims or liens against your new home — other than the mortgage you agreed to pay
What do we mean by “Title? When you buy house in Cedar Rapids, the title to a piece of property is the evidence that the owner is in lawful possession of that property. Your right to use your property is protected by the Fifth Amendment of the Constitution and cannot be taken from you without just compensation.
Title Insurance When you buy Cedar Rapids house
Title insurance protects real estate owners and lenders against any property loss or damage they might experience because of liens, encumbrances or the defects in the title to the property. Each title insurance policy is subject to specific terms, conditions and exclusions.
Fire insurance, earthquake insurance, flood insurance, and car insurance protect you from future damage. Title insurance protects your greatest asset from things that have happened in the past, such as:
- Undisclosed heirs
- Forged deeds, mortgages, wills, releases and other documents
- False impersonation of the true land owner
- Deeds by minors
- Documents executed by a revoked or expired Power of Attorney
- False affidavits of death or heirship
- Probate matters
- Fraud
- Deeds and wills by persons of unsound mind
- Conveyances by undisclosed divorced spouses
- Rights of divorced parties
- Deeds by persons falsely representing their marital status
- Adverse possession
- Defective acknowledgments due to improper or expired notarization
- Forfeitures of real property due to criminal acts
- Mistakes and omissions resulting in improper abstracting
- Errors in tax records
The Title Insurance Company can do that because they conducted a title Search. A title search is a detailed examination of the historical records concerning a property. These records include deeds, court records, property and name indexes, and many other documents. The purpose of the search is to verify the seller’s right to transfer ownership, and to discover any claims, defects and other rights or burdens on the property.”
But the lender already requires title Insurance, won’t that protect me?
Not necessarily. There are two types of title Insurance. Your lender likely will require that you purchase a Lender’s Policy. This policy only insures that the financial institution has a valid, enforceable lien on the property. Most lenders require this type of insurance and typically require the borrower to pay for it.
An Owner’s Policy, on the other hand, is designed to protect you from title defects that existed prior to the issue date of your policy. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to financial loss up to the face amount of the policy, your owner’s title policy covers the full cost of any legal defense of your title.
Title insurance when you buy Cedar Rapids house can be can be lengthy with the signing all the paperwork. Realtors try their best to explain everything. If you have questions or you don’t understand, ask now. Once you sign there is little recourse. It is too late to say, “I signed, but I didn’t understand what I was signing.”
Harmony Property Solutions, LLC is proud to be a part of the Cedar Rapids community.
We help homeowners out of distressed situations. While our goal as investors is to make a modest profit on any deal, we help homeowners out of most any situation, no matter what! Harmony Property Solutions doesn’t charge any fees, upfront costs, commissions, or anything else. We give you the simple honest truth about your home and help you sell it fast to resolve any situation.
Give us a call today at 319-343-6773 and let us know how we can help you!