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How to Search For a Title When Buying a House

You are not an expert – that’s what your real estate attorney is for!

Your attorney and lender say you’ll also need home title insurance before closing is complete. What will it cover? Let’s compare it to health insurance which can be difficult to get with any history of health issues. Similarly, title insurance companies will not insure properties with a history of unresolved real property problems. Maybe there’s an easement for a right-of-way nearby, or an unpaid tax lien, or a previous basement flooding situation.

The title examiner issues an initial document called a commitment that lists any defects or problems that the seller must fix before closing. If these issues are not resolved, and repairs are completed, the company will not cover the policy. You can choose to live at home as it is, or stay away from the table. But you need a clear title from the seller. If the title insurer doesn’t write the policy, you have a big decision to make about living there. You may or may not be aware of any potential hazards you may face with neighbors, towns, wetlands, underground power or gas lines, or other problems that may arise.

Many lenders require you to purchase a Mortgagee Policy on behalf of the lender. This ensures the validity of the loan as a lien on your property. If you want title protection as an owner, you should purchase a separate policy that protects your own interests.

There are two types of title insurance – for the lender, called a Mortgagee Policy, and for the owner, called an Owner Policy. Homeowner’s title insurance covers all of the value of your property, more than the amount of the loan you have taken out. It states that there are no other defects, liens or encumbrances than those listed in the title policy. You can sell your home without restrictions. You have the legal right to access your property from any angle without question. If your title is challenged, the defense and costs will be covered by the company that insures you. Title insurance is a one-time payment made at the time of sale.

Also, the Owner Policy protects you throughout the time you are the owner as well as after the ward, if you become liable to the next owner of your home. You will be covered for the same issues mentioned above as long as the issues are covered by your coverage.

Protect yourself and your family. This is the biggest financial decision you will ever make in your lifetime. Make it smart. Hire an experienced, knowledgeable real estate attorney. One who will work with you patiently and thoroughly to protect your interests. One who will give you legal options and outline solutions for any problems you have encountered in the past and has the experience to anticipate any problems you may have in the future.

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