One of the most frequently asked questions I get from my clients: What Is Title Insurance, Do I Need It, How Much Does It Cost, and Why Do I Need It If I Have Property Insurance?

This month, one of my favorite real estate affiliates, Karla Floyd at CloSure Title and Settlement, addresses some of these questions.

Thanks Karla!

What is Title Insurance ?

Most types of home insurance focus on protecting the possibility of future events and charge annual premiums.   Title Insurance is different in that it protects against loss from hazards and defects that already exist in the title.  And title insurance is purchased at a one-time premium.

So what does title insurance protect?  Title insurance protects against loss from hazards and defects that already exist in the title.  A title search may reveal that title may be limited by rights and claims that are asserted by others.    These claims may limit your use and enjoyment of the property and even bring financial loss.  Title insurance protects against these types of hazards.  Some specific examples of these types of hazards include:

-          A forged signature on the deed.  The forgery would mean that there was no transfer of ownership to you.

-          A lost or missing heir of a prior owner of the property who is claiming his/her ownership.

-          Errors in Clerk’s records

-          Documents executed with the use of an expired Power of Attorney

Lenders believe that title insurance is important enough to require it.  CloSure Title & Settlement offers Owner’s Title Insurance to purchasers at a lower cost when purchased simultaneously with Lender’s Title Insurance. 

Your home is your most important investment.  Before you close, ask about title insurance.  Protect your investment with an Owner’s Title Insurance Policy.  Call Karla Floyd at CloSure Title & Settlement to ask about Title Insurance or to obtain a quote. 

434-872-0655 or kfloyd@closuretitle.com

And remember to ask me about my 20% Buyer Rebate Offer good on any home you purchase through me!

Fulton Gaylord--Associate Broker
Keller Williams Realty
1885 Seminole Trail, Suite 100

Charlottesville  VA  22901

434-220-2228