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Titles >Do You Really Need Title Insurance
When a home is purchased, title insurance is one of the closing cost items on the closing statement. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.
It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed. Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.
The Palmer Team Long & Foster Realtors 400 Roanoke Street Christiansburg, VA, 24073 OFFICE: 540-382-1072 Joanne Palmer: 540-605-1072 Ricky Palmer: 540-605-1070 Darin Greear: 540-320-5859 Joanne Palmer: joanne@rinerva.com Ricky Palmer: ricky@rinerva.com Darin Greear: darin@rinerva.com
"We believe that our long-term success stems from building trusting relationships with our clients. Buying or selling property is a major event in most people's lives, both financially and emotionally. We strive to eliminate the stress by handling all of the details in a timely and professional manner, so our clients can relax and enjoy their experience. We want to have clients for life, so we try to exceed their expectations every day."
* The data relating to real estate on this website comes in part from the Broker Reciprocity/IDX (Internet Data Exchange) Program of the New River Valley Multiple Listing Service, Inc. Real estate listings held by brokerage firms other than Long & Foster REALTORSR are marked with the Broker Reciprocity logo (IDX) and detailed information about them includes the name of the listing broker.
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