Mathis Title Company, a Fairfax title company, recently released a blog answering the question "What is owner's title insurance?" for new homeowners. Owner's title insurance is not discussed often, but it is important to consider purchasing during the home-buying process.
After purchasing a home and receiving the deed to the building, you become the official owner of the home. What many homeowners do not realize is that there are many problems that could be hiding behind that deed. There may be unpaid taxes on the property, heirs that have a claim to it, liens that must be removed, mistakes in the deed, and other problems that could result in a delayed or incomplete sale. While lender's title insurance is designed to help mortgage lenders protect their investment, owner's title insurance can be purchased to ensure that you will be able to address problems with ownership. Without this insurance, you risk becoming liable for claims made against your home and could lose both the property and a significant amount of money as a result.
Title insurance helps protect you if one of these issues occurs. A title company will carefully research your home's ownership history and other information by examining public records. If the company notices a discrepancy with the deed or other ownership issue, the company will help you resolve it before you finalize your purchase. If a claim occurs after you've purchased your home, you can receive financial support from your title insurance policy. This allows you to pay legal fees and maintain control of your home without damaging your finances. Title insurance also gives you the support and expertise of real estate professionals who can help you understand how to best manage your claim.
Speak to Mathis Title Company for more information about owner's title insurance. Robin Mathis, the company's founder, has extensive experience in the legal and real estate industries. This allows her to provide comprehensive support to protect new homeowners and their investment. Mathis Title Company can also assist with settlements, contract review and preparation, refinancing negotiations, and liens. Contact the company online at https://www.mathistitle.com or by phone at 703-214-4020. The company is headquartered at 11325 Random Hills Road, Suite 160, Fairfax, VA 22030.