Title insurance is one of the useful policies available to homebuyers, but it tends to be overlooked due to it being optional. What’s more, because it appears as an additional cost along with all of the fees that must be paid, buyers often decide to reduce their expenses and choose to disregard it. Even though it may be optional, there are several reasons why it’s highly worth considering paying the extra money for title insurance.
For starters, any claims made against a property will protect the homeowner provided they have title insurance, even if he or she is responsible for it. Some of these claims can include unpaid mortgage balances, any fraud committed by the person who sold the home, and improper foreclosures. Nowadays it’s much easier for criminals to commit forgeries and sell homes to buyers even though they don’t own the property. This is just one example where title insurance can protect you.
A title insurer can be your best friend in ensuring that your buying transaction remains entirely legitimate, and there are absolutely no suspicions surrounding a property. Should there be anything illegitimate going on, title insurance would protect a buyer in the case of any loss.
Finally, unlike other policies that require ongoing payments, you need only pay for title insurance once during the closing phase.