If you are refinancing your home or trying to buy a new home, at some point the term Title Insurance will come. Incredible amount of people do not know why they are buying title insurance. In short, title insurance is a policy that limits the risk to the buyer, the owners, and lenders of real estate transactions.
Insurance may not protect all three financially in any agreement but by eliminating the risk of liability, title insurance has a positive effect for all parties involved. You must search for the company that provides title insurance and settlement services.
At one time, if someone wants to buy the property, he would contact a lawyer to research the property. He or she will take a trip to the courthouse and pull all the records necessary to ensure that the property is clear of mortgages, tax liens, liens and judgments city.
He will ensure that the person (s) selling the property is the true owner (s) of records and he also will examine the chain of title to make sure that the manner in which the owner acquired the property does not present a claim to the other individual or group.
If people buy a property that needs a loan, the lawyer will ensure that the property is clear or had confiscated, which means the lien or other proprietary rights may be violated.
When you take ownership of a piece of real property, you want to have a guarantee for a lot of different risks involved in this type of transaction.