Title Insurance 

Why do you need title insurance?

Lenders require title insurance on new mortgages ... for their protection, not yours. The lender needs to be protected against title problems that may arise. But the lender's policy insures their money, not your investment.

To insure your home against title risks, you need our ALTA Owner's Title Policy. Unlike a lender's policy or an attorney's opinion, an Owner's Policy insures your investment. It protects you from undisclosed title risks that existed prior to the date of your policy.

Possible risks to your investment include:

1. Someone else owns an interest in your land due to:

  • Forgery, fraud, or impersonation

  • Defective recording of any document (human error)

  • Duress, incompetency, or incapacity

  • Unknown leases, contracts or options

2. You do not have any legal right of access to and from the land

3. There are restrictive covenants limiting your use of the land

4. There is a lien on your title because of:

  • a mortgage

  • a judgment, tax, or special assessment

  • a charge by a homeowner's or condominium association

  • labor and material furnished before the Policy Date, unless you agreed to pay for the labor and materials

5. Someone else has an easement on your land.

6. Your title is unmarketable, which could allow another person to refuse to perform a contract to purchase, to lease, or to make a mortgage loan.

 7. You are forced to remove your existing structure, other than a boundary wall or fence, because:

  • it extends onto adjoining land or onto any easement

  • it violates an existing zoning law

 8. Other defects, liens, or encumbrances.

 

Your Owner's Title Policy will provide both peace of mind and financial protection. For more information or for answers to frequently asked questions, www.oldmasterstitle.com

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