What You Need To Know About Title Insurance Endorsements?

1. What You Need To Know About Title Insurance What You Need To Know About Title Insurance Endorsements? Endorsements? A title confirms that you legally own your property. When you sell your home, the title shows the buyer that you have the legal right to sell it. When you purchase a home, the title transfers to your name, giving you the legal right to own and, eventually, sell the home. But sometimes, there can be an issue with the title that may not come up right away. To help protect the homeowner and lender’s investment, title insurance by Title Endorsement Agency Boca is there to help cover damages or losses from certain claims filed against the title. Homeowners and lenders have a choice of close to 100 types of real estate title endorsements. You can pick and choose them to custom fit the coverage to your specific property and situation. Some endorsements are offered to both owner’s and loan policy, some are not. The lender may purchase some endorsements or require you to purchase some endorsements. Or, you may choose to purchase some on your own by consulting a Title Endorsement Agency Boca. Title Insurance - This endorsement protects against loss from defects in the title or ownership interest in a property. It also protects against claims based on future events that were unknown at the time of the policy issuance but which later come into existence. Builder's Risk - This endorsement insures against losses caused by damage or destruction of certain building materials or fixtures during construction or repair work performed by a named contractor or subcontractor before or after possession is taken by an insured party. Builder's risk coverage is usually provided automatically if it hasn't been removed from the policy by endorsement. Coverage for Additional Insureds - This endorsement provides protection for additional insured parties whose interests will be legally protected under the terms. Most title insurance policies will cover many common needs. However, some properties – due to their location or their features – may require additional coverage. The additional coverage needed will depend on the property. To help you gain insight on the types of endorsements you should get, take a cue from your Title Endorsement Agency Boca. The lender will most likely have more of a stake in the property in the beginning – depending on how much you borrow –so it’ll want to protect its investment. Whatever endorsements

2. your lender gets, you may want to consider getting the homeowner version. Many title endorsements are available to both the lender and homeowner. Since title insurance provides a promise for the future, it only makes sense that many people want to ensure that their property is protected. If a buyer runs into issues such as zoning violations or the encroachment of structures on their property, they look to the seller to either pay for any damages or make any needed alterations. Therefore, contractors can benefit from title endorsements since there would be a higher chance of them being hired by an owner of a newly purchased home.