Benefits of an Owner’s Title Insurance Policy
When you purchase title insurance on a property, a complete search of the public records is completed.
The searcher will go back as far as the public records will take them, in many cases even before a house existed on the land. It’s not uncommon to find references to a horse trail that at one time may have existed on your property, or possibly some other historic use of your land.
The searcher is looking for anything that may have occurred during the chain of ownership that would affect your ability to enjoy free and clear ownership or access to the property. Here are a few examples of title defects that would most likely be covered by owner’s title insurance.
- Old mortgages that were never fully paid off or satisfied of record
- Previous foreclosures that might not have been processed correctly
- Bankruptcy issues
- Unpaid inheritance taxes
- Lost heirs that might have a claim to the property
- Previous tax sales where the property owner never received legal notice of the tax sale
- Divorce issues where the property was not properly conveyed from one spouse to another
- Unusual easements that give others access to use your property
- Unpaid contractors who filed a mechanics lien
- Unpaid real estate taxes, unpaid municipal liens (water, sewer, gas, trash)
- Unpaid IRS Liens, unpaid state tax liens, etc.
If and/or when one of these issues pop-up, you’ll be happy that you purchased an owner’s title insurance policy.
Not only does the policy protect you from financial loss, up to the amount that you paid for the property, but it also covers your legal fees to protect and defend your interests in the property and they can add up quickly.
How much does Owner’s Title Insurance cost?
A lot less than you might think!
Unlike most insurance products, there is no monthly or annual premium for title insurance. You pay for it one-time, at settlement when you purchase the property and your owner’s policy coverage protects you as long as you own the property.
When contemplating whether or not to purchase an owner’s policy, consider this: the bulk of the cost is carried by the lender policy which you’ll be required to purchase either way. Depending on the size of your down payment, the cost of the owner’s policy is negligible.
An attorney overview of the top 10 reasons property owners should have title insurance to protect their property interests.Learn more:https://provenresource.com/the-top-10-reasons-property-owners-should-have-title-insurance/
The title insurance Consultants can coordinate the title search of the property to search out and clear up and defects in title before closing.
The title insurance agent will communicate with each the customer and also the marketer regarding the title search and supply the preliminary title report once prepared.
More And More Homebuyers Are Discovering ALT TitleAssociates Land Transfer Company LLC is a family-owned independent title insurance and settlement services company serving Pennsylvania.
After more than 15 years and more than 10,000 closings, our focus remains on providing the best possible real estate settlement experience, a level of service the big outfits can’t match, and the lowest possible fees.
We're located right here in PA, and we'll answer your questions 7 days a week.
Associates Land Transfer Company, LLC (ALT Title), founded in 2002, Pennsylvania licensed title insurance agency.Our staff has over 75 years of combined experience, and over 11,000 closed transactions in all aspects of both residential and commercial real estate.
We are an independent title insurance/settlement services company, which means we do not participate in any “affiliated business arrangements” or “profit sharing arrangements” with real estate brokers, agents or lenders.
These arrangements end up costing the end consumer more money in unnecessary fees.
