05/16/24

3 things to know about title insurance right now

It’s time for a bit more title talk with you! While title insurance policies, title searches and all the related terms that go with them may not be the most edgy topics of conversations, they’re extremely important to us. 

After all, title is at the core of all we do for our wonderful customers – and it always has been. So, what should everyone in real estate know about this essential part of the transaction? We’re glad you asked! A bit of a disclaimer: we’ve used some of these points before, but the affordable cost and function of any product or service are always worth reinforcing.

With the focus in the news lately, we have a renewed interest as an industry to continue to educate homeowners and the general public about the value of title insurance in protecting the American Dream. 

The importance of the title search. Central to the value of title insurance is the preventative work done during the title search. This process involves a meticulous review of public records to confirm the property’s title is free of any encumbrances, claims, liens or other issues that could affect your ownership rights. Why is the title search so key? First, it’s our way to resolve any known potential issues before your closing and second, it provides extra peace of mind for everyone involved.

Title insurance protects you from past events in the future. It’s unique in that it can protect the holder from issues that have already happened but haven’t been discovered or contested yet. What are we talking about? Undisclosed liens, public record errors or outright fraud that hasn’t been uncovered. 

It’s a one-time fee.  Allow us to repeat that. Not only is title insurance–and the accompanying title search –a relatively inexpensive product that’s included in your home’s closing cost, it’s also a smart investment that’s paid only once. No yearly premium or renewal cost. (However, you may have to get a new lender’s policy if you refinance in the future.)

Here’s our last point on the topic. In the real estate landscape, title professionals generally prefer to stay behind the scenes, being the problem solvers tasked with carrying our transactions to the finish line. It’s a role our professional teams across our footprint do very well. However, in recent years (before we popped up in the news), our entire industry has recognized that title insurance is often misunderstood by consumers, public officials and our fellow real estate professionals, and all of us in the business are ready to change that.

Have title search, insurance or settlement questions? Reach out to us today or visit the American Land Title Association’s homeclosing101.org. We’re always here to shine a light on what we do for you! 

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