Don’t gamble your new home away.

By: Kara L. Webb, Esq.

One of the single worst decisions a new home buyer can make is failing to buy a title insurance policy.  For most of us, your home is your family’s single biggest asset.  Title insurance affords protection against losses arising from problems connected to the title on your property.  Why risk losing your biggest asset over the very reasonable cost of title insurance.  Currently, a standard owner’s title policy for a $150,000.00 home is in the range of $500.00.  

But you might think, we had a closing attorney who handled the transaction, so we should be covered right?  WRONG.  Even the most experienced and thorough closing attorney cannot protect you against potential hidden title defects.   Here are just a fraction of the reasons to purchase a title policy:  

·        Protection against forged deeds, mortgages, satisfactions or releases.

·        Protection against deeds or mortgages signed by minors or mentally incompetent persons.

·        Protection against a defect in the recording of a document upon which your title is dependent.

·        Protection against others that claim they own an interest in YOUR property.

·       Title insurance reimburses you for the amount of your covered losses, including attorney fees and  court costs.

·        Title insurance helps speed negotiations and closings when you’re ready to sell or obtain a loan in the future.

·        Title insurance is indefinite.  The owner’s protection lasts as long as the owner or any heirs have an interest in the property.  

Title insurance matters even more today.  Mortgage fraud, sloppy foreclosure procedures, and desperate sellers are a growing part of today’s real estate market.  Many of these fraudulent acts can result in title disputes.  Don’t pinch pennies and gamble your new home away.  Protect your family’s biggest asset and opt to purchase a title insurance policy at your next home purchase. 

Kara L. Webb is a real estate attorney with the Law Offices of Mark Weinstein, P.C. in Cumming, GA.  Ms. Webb’s practice focuses on both real estate transactions and real estate litigation, in addition to eminent domain work. A Martindale-Hubbell AV Preeminent® rated attorney with over 10 years of experience, Ms. Webb is admitted to practice law in Georgia, Tennessee and Michigan.