Buying a home is likely one of the biggest purchases you will make in your lifetime. As of last year, the average US home price hovered just under $375,000.
Owning a home is a large investment. As such, protecting the investment where you sleep, eat, and maybe even work is of utmost importance.
One way to be sure your investment is protected? Homeowner's title insurance. If you're a new homeowner, continue reading for 4 benefits to owning title insurance.
1. Protects Your Investment
The most apparent benefit to having title insurance is the protection it brings you from unforeseen problems. Title insurance will protect you from title defects that might pop up, such as:
- Contractor or lender liens
- Outstanding judgments or unpaid taxes
- Outstanding claims against the property
- Incorrectly indexed public records
- Undisclosed heirs claiming property ownership
If a covered defect arises during title review, title insurance will help to protect your financial interests in a court of law.
2. Protects From Document Errors
A lot of documentation goes into buying a house. While errors are not welcomed, they aren't necessarily uncommon.
Title insurance helps protect from defects in the title. This might look like anything from forged signatures to improper filing. If a defect pops up, title insurance helps keep you covered if you need to settle any claims in court.
3. Affordable Coverage
When it comes to protecting the financial side of things, title insurance is generally a one-time fee paid in tandem with your closing costs.
The payment generally aligns with the purchase price of your property. This means your insurance premium will vary depending on the total price of the loan and where your property is located. You can avoid any unwarranted fees by talking through your options with your insurance company or lender counsel from the beginning.
4. Brings You Peace of Mind
Having title insurance means you can safely take care of undisclosed defects or errors. In addition, you won't have to worry about being on your own should you be threatened with third-party claims or if a disgruntled party decides to threaten your property rights.
Your financial interests will be protected under the law, as well as your right to ownership of your property.
Owning Title Insurance
The process of owning a home might feel daunting at first, but there are steps you can take to ensure a smooth process, from pre-approval to getting your first set of keys. Having title insurance is a key factor when it comes to protecting your property.
Whether you're a new homeowner or a repeat buyer, having proper counsel can help your buying process go more smoothly. At Monastra Grater, LLC, we're here to make sure the purchase of your next home is done properly.
We help with anything from deed preparation to acquisitions and sales. So don't hesitate to schedule a consultation with us today. We'll work hard to exceed your expectations on the way to homeownership.