Our Title Insurance Guide for Realtors, Homebuyers, and Lenders

What is Title Insurance? 

When you decide to buy a home, you should be aware that the down payment is only one of the costs you will have to pay on closing day. Another important closing cost is title insurance. This protection can save you from massive future losses, so it is well worth the investment. 

Title insurance protects you and your assets in the event that there are unforeseen clouds on your title. You will need to buy two different kinds of title insurance if you want the best protection: a lender’s policy and an owner’s policy. Purchasing both of these policies ensures you and your bank lender are protected. 

Why is Title Insurance Essential? 

While a title agent like ours at True Concept Title will perform a thorough search on your title, certain defects may be hidden and not reveal themselves until later. This could result in another party having legal claim against your property. Examples of these defects include: 

• Mistakes while examining records 
• Errors in deeds 
• Liens for unpaid taxes or by contractors 
• Encroachments and easements 
• Forged identity 
• Undisclosed heirs 
• Missing heirs 

These instances occur more often than you might think. While these defects might be out of your goal, title insurance is something you can depend on. That’s why you should work with our reliable agents at True Concept Title. Call today – (813)-263-7168. 

How Title Insurance Can Save You 

While we hope you never have to face a cloud on your title, you can feel secure knowing it will simply be a nuisance instead of a financially debilitating nightmare if you’re protected with title insurance. True Concept Title will help you save time and money by: 

• Providing a corporate guarantee against defects 
• Covering any legal costs to remove any title clouds 
• Paying any claim that is the result of errors in title examination and recording 
• Paying any loss from hidden clouds 

How Does Title Insurance Work? 

Before closing on the home, the buyer or seller must purchase lender’s title insurance in order to receive a finalized home loan. This protects the bank from any hidden defects in your title that may prevent them from regaining their loan. This is typically a requirement to receive a mortgage and costs between 0.5 percent and 1 percent of the loan. It does not protect the buyer. 

Around this time before closing, the buyer or seller should additionally purchase an owner’s policy so that they are personally protected. While purchasing this policy is technically up to you, we highly recommend you make the investment to save yourself from a lot of money down the drain.

While you technically don’t have to purchase an owner’s policy, we strongly suggest you make the investment so you don’t end up in a financial nightmare. 

Are you making the move to purchase a new home but need help in the process? Our national title and escrow team will help you through the process so you can settle into your new home ASAP! 

Learn More > 8 Misunderstandings About Title Insurance 

Keep Your Title in the Clear with True Concept Title 

Purchasing title insurance is essential to keep your property and your belongings safe from a financial crisis. Don’t let yourself slip into the mindset of: it probably won’t be me. While the extra cost may be a nuisance, it is nothing compared to the costs that could accrue if a hidden defect comes to the surface. 

The home buying process doesn’t have to overwhelm you. We know there is so much to keep track of, but that’s why you should have a reliable team of experts who can help guide you through with minimal stress. Buying a home is no small step, but with True Concept Title, you can cover the distance, no problem. 

Call our title agents and escrow experts to get the process started – (813) 263-7168.