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Protect Yourself with Title Insurance Nef Cortez
Most homebuyers are familiar with other types of insurance (auto, boat, life)
but are not certain as to exactly what title insurance is when it comes to
buying their home. In order to best protect himself or herself, a savvy
homebuyer must insist that title insurance is provided for upon the close of
escrow. This insurance policy protects a real property owner, and/or the
lender, against any potential loss a prospective home buyer might experience in
connection with any liens, encumbrances, or defects in the title for the
property they are purchasing that might have been missed in the original title
search. To clarify some of the real estate legalese, Liens are usually a form
of money encumbrance that usually makes property security for the payment of a
debt such as a judgment, unpaid taxes, mortgages etc. An encumbrance is
anything the burdens the owner¡¯s title. It is basically any interest in the
property, possessed by someone other than the owner. In short, an encumbrance
is anything that burdens the title with legal obligations. | |
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