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Purchasing real estate, whether it’s a home, investment property, or commercial space, is a major transaction that should only be entered into after careful consideration and due diligence. One of the most important aspects of that due diligence is ensuring that the seller actually has, and can convey, clear title to the property. But even after a search, unexpected problems can arise that ‘cloud’ title down the road. Title insurance protects buyers from the negative consequences of problems with title.
Title to a piece of property is the right, or bundle of rights, to possess and use the property. In most real estate transactions, title is conveyed from buyer to seller via a warranty deed, which basically means the seller promises that he or she owns the property free and clear of any liens, easements, or adverse claims from other people who might have an interest in the property. When a buyer purchases a title insurance policy, the insurer conducts a search to make sure there are no problems with the seller’s title, and agrees to compensate the buyer for their loss should an issue of title arise in the future.
Title insurance is a textbook example of something that’s better to have and not need than need and not have. While plenty of real estate transactions come off without any title issues, the amount of money involved in a real estate purchase makes it very prudent to invest in title insurance. A mortgage lender will almost always require title insurance covering the lender, but it’s a good idea for the buyer to purchase their own policy (the lender’s policy only covers their loss). Things like unknown heirs, ‘wild’ deeds outside the chain of title, or errors in the recording and/or indexing of chain of title are common enough that they should be protected against. Prices vary by state, but title insurance can generally be purchased for $1,000 to $4,000. Compared to the potential loss if someone appears with better title, it’s an advisable hedge that’s worth the cost.
A real estate purchase is too important to leave anything to chance. Protect your investment and gain peace of mind by working with an experienced real estate attorney at The Law Offices of Stephen P. Levesque. Stephen P. Levesque has more than 20 years of experience counseling clients in real estate transactions along with other practice areas such as estate planning and probate law. Call (401) 216-4188 for a free consultation today.
At our law firm, we promise you knowledge, compassion, and experience. Since 1997, his years of courtroom experience means you will know all your options and you will have a lawyer with the experience to represent you no matter how complicated your case may be. Stephen will fight for you and fight for your best interests. This results in exceptional representation. Stephen is that lawyer you know you can count on to stand by you. Whether at court, during negotiations, or through every legal document, motion, or pleading he prepares, Stephen is aggressively advocating for you. Stephen uses his insight, knowledge, and experience to provide valuable legal information to many people with his radio show on News Talk 630 WPRO. Whether it’s a large or small legal matter, he offers helpful advice that can point listeners in the right direction.