What is a Title Insurance Policy?
Don’t Jeopardize Your Property Rights
Whether you found the perfect home on the first try or you have spent months searching for just the right one, you want to keep it, right? You want to hurry up and have that closing so you can start making memories in your new home - and for years down the road.
What if you encounter encroachment issues with the neighbor?
What if there are judgments attached to the property from years before you bought it?
What if a deed was forged and recorded - and the seller really didn’t have the right to sell?
Believe it or not, these things come up more often than you’d think - and they can jeopardize your rights to your property. Don’t take that chance.
A thorough title search will help uncover many different title issues. Unfortunately, it is possible for things to come to light long after your closing that did not appear on the title search. So, to ensure that it doesn’t disrupt the good vibes you have in your new home - protect your rights and purchase a title insurance policy.
What is a Title Insurance Policy?
Let’s go over this one more time. You buy a home, move your family in, start living the life of your dreams - and then boom. Out of nowhere, you get notice of an outstanding tax lien from 5 years before you bought the property! You are now the owner of the property with outstanding taxes which means it is your responsibility to clear them up.
Or, you can simply file a claim with your title insurance company and keep on enjoying life.
See the difference?
Title insurance is a one-time payment that protects you in the future just in case issues from the past arise. This could be a judgment, encroachments, easements, improperly recorded documents, fraud, forgery, missing heirs claiming an interest in ownership, and more.
Want to learn more about title insurance? The pros at Allied Title & Escrow can help.
WHY CHOOSE ALLIED TITLE & ESCROW?
We’re the fastest-growing title company on the East Coast and we’ve provided countless clients with residential and commercial title insurance. When you choose Allied Title & Escrow, you’ll get:
Hassle-free service from start to finish
Competitive title insurance coverage
Fourteen processing teams - each processor has their own assistant to ensure proactive communication and responsiveness
Seven attorneys on staff
The best technology in the real estate closing industry, including Qualia, Earnnest.com, and Notarize.com
Remote online notarization and virtual closings:
Provide closings in our gorgeous offices
We will travel to clients with vetted closers
100% Virtual online closings for sellers in DC, VA and MD
Our guarantee that you will never experience any delays due to high volume, as we hire extra staff to keep up with demand
Mobile earnest money deposits that can be made from your computer or phone
A friendly team that treats you like a person, not a number
Licensed in 10 states along the East Coast
LEARN MORE ABOUT OUR TITLE INSURANCE SERVICES
If you’d like to learn more about our title insurance services or request a quote, contact Allied Title & Escrow today at 703-567-7933.
Frequently Asked Questions about title insurance
Is title insurance mandatory?
No, an owner’s title insurance policy is not mandatory - though it is highly recommended. Your lender may, however, make purchasing a lender’s policy a condition of the loan.
How long does a title insurance policy offer protection?
Title insurance policies are not created equal. The length of protection from title insurance depends on the type. For a lender’s policy, the protection only lasts until the mortgage is satisfied. With an owner’s policy, you and your heirs will be protected as long as you have an interest in the property.
How much does title insurance cost?
The cost of title insurance will vary based on where the transaction is taking place. Some states have fixed premiums, others allow the insurance company to set the cost. Sometimes it could even be a percentage of the contract price.
Just remember that title insurance is a one-time fee.
Do I need owner’s title insurance if I purchase lender’s title insurance?
Yes! As its name suggests, a lender’s title insurance policy protects the lender. They do this to protect their interest in the property and reduce their risk. Therefore, to protect your rights, you will need an owner’s title insurance policy.
