What Realtors Should Know About Title Insurance
There’s no denying that you have a lot on your plate as a realtor from showings to closings and everything in between. What happens when an expected lien is found that needs to be paid right before your client closes on their dream home?
For some, closing can feel like a stressful time, and it’s a good idea to know the ins and outs of title insurance so you can better explain why it is important to your client. Here are some things as a realtor that you should know about title insurance…
Title Insurance Protects Your Clients
Title insurance protects your clients against any problem that might affect the title to the home, including unforeseen liens, title defects, claims, or other issues.
Homebuyers are protected from issues that can arise with ownership by purchasing an “Owner’s Policy” of title insurance, which ensures that the title of their property is free and clear of liens or encumbrances such as unpaid mortgage payments, property taxes, and even child support liens.
Additionally, during the title search, title professionals look for anything that could limit the use of the property such as utility easements.
When the title professionals at True Concept Title find an issue, we work diligently to resolve it. We work hard to make it seamless for you and your client!
One-Time Fee
An Owner’s Policy is a one-time fee that the majority covers the cost for the title company to discover and repair any title issues that might have occurred in the past. Title insurance is fundamentally different from other forms of insurance your clients may encounter due to its preventative nature.
Plus, title insurance has lower loss rates than other forms of insurance. In a claim scenario with title insurance, it is serious, and a loss means that your client’s homeownership could be in jeopardy. Title agents help minimize the fear, disruption, and distress that can occur with a title claim.
Dealing with a lien, claim, or other title dispute? True Concept Title can help! Call our national title company today at 813-263-7168.
Lasting Protection
One important aspect of title insurance to ensure that your clients are aware of is that an Owner’s Policy provides protection for as long as they, or any of their heirs (in the case of probate), own the property.
If a claim does arise, the Owner’s Policy will cover the cost of the defense and any legal fees that are incurred.
For Example:
Your client recently purchased a new home in an up-and-coming area of town.
Unfortunately, the builder failed to pay the roofer when the house was built. Of course, the roofer wants to be paid, so he filed a lien against the property. Without a title search that would alert you and your client to this issue, plus an Owner’s Policy to protect your client, they would become responsible for paying off the debt to the roofer when they buy the house.
That’s why it is so important to have title insurance when buying a home or property!
You Can Choose Your Title Company
When purchasing a new home, your client is free to select their own title insurance company. As a Realtor, you can recommend to your clients to work with a title company like True Concept Title that you have a great relationship with.
Title insurance rates are regulated by your state’s insurance department and are also regulated by the Consumer Financial Protection Bureau (CFPB.)
Together, realtors, mortgage professionals, and title insurance professionals can protect consumers and ensure a stress-free experience during the real estate closing process.
Close with ease: Mobile Closings, Anytime, Anywhere.
Protect Your Clients with True Concept Title
Buying a house is a big investment and one that should be protected by title insurance. Ensure a smooth transaction by working with a reputable title company throughout the closing process. By working with our experienced team, you and your clients can avoid unforeseen title issues at closing with our title search services.
From escrow to loan document processing, to title insurance, and more, we handle it all. We are experts at performing title searches to ensure that you and your clients can close with ease.
If you are looking for help with your real estate transactions and have any title insurance questions, call True Concept Title at 813-263-7168.
