Many potential homeowners wonder if it is necessary to pay title insurance fees when they are buying a house. Paying for it should be optional. If you are buying a home from someone that you have known for years, you do not have to wonder or guess if the person owns the home. You already know the answer to the question and paying the fees can be a waste of money. However, if you are buying a home from someone that you do not know, the insurance can be well worth the investment. |
It will protect you from the "what if's" that can come from buying a home from someone that you do not know. If there are any issues with the title, the insurance will protect you from having to pay outrageous fees or lose it all together. There are more instances than you may think where someone attempts to sell a home that they have no legal right to sell. Someone who is going through bankruptcy proceedings does not have the authority to sell a home. If someone attempts to sell a home without the legal owner's consent or forges documentation in the name of the homeowner, the sale is not legal.
Unlike other policies, title insurance fees cover issues that are current and in existence rather than protecting you from things that could happen in the future. You have protection from the moment you sign up for the protection. If there is a defect found at a later date, you will be covered.
It is often a good idea to get this specific type of insurance even if you have known the seller for years. There are times when judgments can be taken out on a property that the homeowner is not made aware of until a later date. If this happens, you will have to deal with a lot of hassle that you could have avoided by simply paying the title insurance fees. The coverage is worth the investment because it will allow you to rest assured that you are making a purchase that will be sound and that you will not have to deal with any of the hassles that can come with defects in the title.
The amount of money is typically very reasonable. It is important to talk to the company to determine if the sum total is due at one time or if the company offers a payment plan so that you can pay over time. There are times when you can have the fees added to the total mortgage costs so that you can pay them together rather than sending payments to multiple companies.
When considering whether or not to invest in title insurance fees Michigan, home-buyers should consider Liberty Title. Learn more about these advantages by visiting the following: http://www.libertytitle.com/contact-us/.
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