Why Do You Need Title Insurance?
When you purchase a new home, it is impossible to know outright if there are any problems with the home’s title and if the seller really is the owner of the property. Problems with the title can limit your overall enjoyment of the residence, and potentially signal a financial loss. That is why a title search and title insurance are vital!
What Is The Title Search?
After the sales contract has been accepted by the seller, a title professional will search any and all available public records to look for any problems with the title of the home. This search involves the review of land records going back multiple years, very often even through more than a decade of real estate records and court records. More than one-third of title searches reveal a problem with the title, which requires the “fix-it” services of a professional before closing. One example could be that a previous owner had a small construction project completed, but failed to fully compensate the contractor. The previous home owner could have also failed to pay local taxes or their state taxes, an unfortunately common problem in far too many home purchases. A title professional works to resolve these problems before a property purchase gets to closing, meaning that a Tampa title attorney helps you ensure a property purchase is completed.
Is The Title Search The Only Benefit?
There will be title problems that crop-up that are not visible on public records, or they could have inadvertently been missed in the massive amount of research. To protect against these problems, a title professional will help you obtain an Owner’s Policy of Title insurance to insure you against problems that nobody could foresee.