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Title insurance can come in the form of residential title insurance or commercial title insurance, and it would apply to the house and lot which a homeowner buys, or the business property that a company might purchase.
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SHOULDYOU BUYTITLE INSURANCE FORANEW HOMEBUILD? FLORIDA TITLE INSURANCE
Title insurance can come in the form of residential title insurance or commercial title insurance, and it would apply to the house and lot which a homeowner buys, or the business property that a company might purchase. Apart from that distinction, there are also two types of title insurance, offering protection for each of the two parties in any kind of real estate transaction, the lender and the buyer. Both the mortgage holder and the prospective new homeowner would need protection against any claims which might arise from unexpected sources, as well as certain obstacles which may arise during the closing process. In any case, the whole point of purchasing insurance from a title company is to ensure that the party buying the insurance does not suffer serious financial laws if some claim against the property were to be upheld.chapter 1
WHATTITLEINSURANCE PROTECTSAGAINST Most people have heard horror stories about someone who purchased property in good faith, only to find that after the purchase, a previously unknown owner surfaced with a valid claim on the property. In such a case, the courts must decide the validity of the claim, and award ownership to whomever it determines to be the rightful owner. While this may be the most common scenario which title insurance protects against, it’s not the only kind of protection provided by a good title insurance policy. Here are some other scenarios that it defends against: improper filing or recording of title, somewhere in the history of the property fraudulent or inaccurate title abandonment of the transaction during closing (lenders title insurance) problems with financing during closing WWW.EUSS.EDU
NEWHOMETITLEINSURANCE? Onemightthinkthatpurchasingtitleinsuranceisnotnecessaryonanewhome, becausethere’snowaythatanyotherpartycouldpreviouslyhaveownedit. Whilethat maybetrue, itdoesn’treallyapply, becauseinactualitytitleinsurancecoversthe propertyitself, notthehomebuiltuponit. Ineffect, thismeansthatafteryou’vebuiltabrand-newhomeonlandthatyoujust purchased, someonecouldstillcomeforwardandmakeaclaimagainsttheproperty andeverythingonit, becausetheystillholdvalidtitletotheproperty. Thisprincipleisof coursewellknownthroughouttherealestateworld, andanyreputablecompanydoing atitlesearchshoulduncoveranysuchpossibility. Butitstillhappensoftenenoughthatatitlesearchisn’tsufficientlythorough, orthata legitimateclaimismissedforsomeotherreason, anditcomesbacktohauntthenew owner. Forthisreason, it’sbesttojustpurchasetitleinsuranceineverysinglecase, becausethesmallcostoftheone-timetitleinsurancepremiumisfarlessthanthe amountyoumightloseifyouhadtosurrenderownershipoftheproperty. Don’tbehalfsurewhenpurchasingrealestate – purchasetitleinsurancefromJones & RaulstonTitleInsurance, andhavecompleteconfidencethatyournewlyacquired propertycannotbeclaimedbyanyoneelse.
SOURCES: http://jonesraulston.com/buy-title-insurance-new-home-build/ https://artesiantitle.com/