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Is A Title Insurance Cost Worth The Added Expense? by Andrew Stratton
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Is A Title Insurance Cost Worth The Added Expense? |
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Business
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Purchasing a home can be an arduous process, even when everything goes smoothly. Then, there are those instances where buyers find out that they were not given all the correct information about the property they want to buy. These people can end up losing a lot of money because of someone else's lack of honesty. That is why it is better to be safe rather than sorry when it comes to budgeting for title insurance. Cost should not be an issue in this matter. After all, you are already planning to spend tens of thousands of dollars on a place to live. What's another couple thousand dollars in the grand scheme of things? By being insured, you can safeguard yourself against financial loss with any home deal. Believe it or not, it is very common for professionals searching property records to find out that homes and pieces of land come with policy issues. All it takes is for one owner to forget to pay their property taxes one year. Then, there will be a lien that you may or may not find out about when you decide to make a purchase. Fraud and deed forgeries also occur. Sometimes, individuals spend a lot of time and effort to create fake deeds and register properties to people that don't exist. These people assume false identities and sell pieces of land belonging to other people. This happens a lot more often than buyers may imagine. To incur a title insurance cost might really be worthwhile if it allows a homeowner to maintain peace of mind about their rights to a property. Anyone with questions about their rights as a property owner should contact the insuring company and discuss conditions and stipulations associated with making a claim. A policy holder should also be prepared to give a clear explanation of the matter that is the cause for concern. Once an agent with the insurer has a better idea of what you are dealing with, they can offer solutions and get to work clearing up your good name. An appropriate title insurance cost should only be about .5% of the total price of the property. This policy includes coverage of any legal expenses that might be necessary to investigate or settle a problem. It is also nice to know that you only pay the title insurance cost once. After that, you are covered for as long as you own a property. The policy will even carry over to your heirs in the event of your death. That means this thoughtful purchase can help your loved ones many years down the road. Concerned about title insurance cost? Michigan residents can count on Liberty Title for assistance. Learn more at http://www.libertytitle.com/gfe-quick-quote/.
Related Articles -
Title, insurance, cost, Michigan,
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