7 Title Insurance Questions Answered! JAN

Going into the real estate business can be tricky and a little bit overwhelming. To help you understand one part of the process, this post by Land Title in Roseville will answer the most common title insurance questions.

Starting the home buying process can be incredibly exciting. You're fulfilling your dream of becoming a homeowner and you'll soon have the peace of mind and sense of security that comes with that. However, before you get to that point, you need to learn a bunch of new information and take many steps to get to finalize the deal. For instance, you have to learn what a home inspection process is, find a home inspector, and deal with that step in the home buying process. And like this, there are plenty of other details that you need to look into. Needless to say, this can make the home buying process very overwhelming. After all, you're dealing with large sums of money and you want to make sure that you're making the right decision for you. To that end, this post will try to help you through one of the parts of the process. In it, you'll find answers to the most common title insurance questions. This way, you can have an easier time protecting your investment and reaching the real estate goals you've set up for yourself.

Call Land Title in Roseville at 651-697-1900 to find a professional, dedicated, reliable, and experienced title services company that can guide you through your real estate transactions.

The Most Common Title Insurance Questions

What is a Property Title?

First and foremost, we should start with the basics. A property title represents the rights to the property and the land (be it to only one part of the property, or the whole thing). Holding the property's title means that you have a claim on the estate and own the right to it. For this reason, it is of the utmost importance that the situation with the title is taken care of if you're venturing into a real estate transaction.

Are Titles and Deeds the Same Thing?

This is something that many first-time buyers are confused about, so let's clear it up. Even though some people use the terms "deed" and "title" interchangeably, they don't mean the same thing. A deed is the legal document used as evidence when a title is going from one owner to the next. For it to be legitimate, you have to go to a courthouse, add the necessary information, and file it in.

Call Land Title in Roseville at 651-697-1900 to get a professional title search and title insurance that can help you have a safe transaction.

What Is a Title Search?

One important step to take before buying a property is to get the title searched. A title search is a process where a lawyer or title services company will examine the public records related to the property. This is done to discover the property's ownership and any irregularities that could put it in jeopardy (tax liens, outstanding payments, undisclosed heirs, etc.).

What is Title Insurance?

As stated, there can be a few irregularities that could put your claim on the property in jeopardy. In the worst-case scenario, you could lose the property and the money you paid for it. This is where title insurance comes in. It will soften the financial blow if certain title issues could come up. Depending on your coverage, insurance will cover the legal fees and losses.

How Many Types of Title Insurance Are There?

There are a couple of types of title insurance that you can buy. The most common title insurance is owner's, which helps owners and buyers stay protected from the financial burden of issues appearing in a title after the sale. Then, there's lender's title insurance to cover borrowers against losses if the transfer doesn't go as planned.

Call Land Title in Roseville at 651-697-1900 to have a safer and more successful real estate closing process.

Do I Have to Purchase Title Insurance?

Do you have to purchase title insurance? Sometimes. Even though it's recommended to all buyers to protect their investment and their wallet, not everyone is obligated to purchase title insurance. However, at times a lender will require that you get insured.

How Much Does Title Insurance Cost?

Lastly, if you're wondering how much title insurance will cost you, it depends on the company you turn to, your state, your estate, and your coverage. In any case, know that it's a one-time payment.

If you're venturing into a real estate process, you need the right title services to make a smart decision. Call Land Title in Roseville at 651-697-1900 to get a professional title search and title insurance.