Imagine this: You’re finally ready to sell your home and move on to the next stage in your life. You list your property for sale but are shocked to find out you can’t sell it because a portion of your land may actually belong to someone else who has a claim for that portion of your property.
This is exactly what happened to a man trying to sell his home in Western, Md. After listing his property, a title search and survey revealed that where his house was built actually was not all his property. This put the brakes on his sale as he had a newly discovered cloud on his title that would prevent him from doing anything with what he thought was his property. The lawyers took over from there costing him thousands of dollars in legal fees and more to resolve the claims against the property. An Owner’s Title Insurance Policy purchased by him at the time he bought the property would have stepped in to cover the legal fees and assist him in resolving the claims against his property saving him the tens of thousands of dollars spent.
At Velocity Title, a leading title insurance and closing company headquartered in Crofton, Md, it’s our job to help protect our clients from big – or smaller – claims against their property. We understand that buying a home is a big deal and one of the largest financial and emotional investments in a person’s life, which is why it’s even more important to protect it! Just like protecting your home against fire or flood you need to protect your home’s title too. Insuring your title against property line disputes, forgeries in the past, title theft issues and more is one of the most important decisions you will make in the home buying process. You cannot leave your family home and life savings to chance. Ask your Velocity Title representative about the importance of a Homeowner’s Title Insurance Policy.
What is title insurance and why is it so important?
As title professionals we often get asked about home title insurance and how it helps to protect a home’s title. Like other insurance products, title insurance protects against the unknown from small or catastrophic financial losses that can be raised against a property’s title. However, unlike other insurance products, it’s only a one-time purchase cost; there are no monthly premiums to be paid or annual renewals. The bottom-line is title insurance is extremely important for every real estate owner and very cost efficient and inexpensive. Title insurance protects against a nearly endless number of possible claims that may arise against a title, including:
- Forgery and impersonation
- Improperly recorded deeds
- Erroneous or inaccurate legal descriptions
- An unknown forced removal of a structure because your property, a) extends on another adjoining property and/or easement, b) violates an existing regulation or restriction, c) violates an existing zoning law
- Not being able to build on your land for because there is a current restriction or a zoning ordinance that was undisclosed to you
- There is an unrecorded lien by a homeowners’ association
- There are unrecorded easements
- There are building permit violations
- Property boundary line issues with neighbors
- And, much more
At Velocity Title, we want all our clients to have the peace of mind and protection against potential risks associated with the purchase of their family home. When a home is financed, lenders almost always require that a lender’s policy of title insurance be purchased, which protects the lender from any losses. This coverage does not offer protection for the home owner and their financial investment. Only an Owner’s Title Insurance Policy helps protect your interests. If your lender requires a title insurance policy to protect their financial investment then doesn’t it follow that you too should protect your financial investment.
Alexander Raths
Protect Your Biggest Investment
When it comes to protecting one of the biggest investments of your life, you don’t want to look the other way. Be sure to get an Owner’s Title Insurance Policy when you purchase your home. Velocity Title personnel are specially trained to help you so you can rest assured that if something arises with the title to your family’s home that you are well protected against loss.
Velocity Title Protects Your Investments and Moves You Forward
Velocity Title’s team of professionals have provided title insurance protection to over 250,000 family homes and financial investments. Our team of experts understands how to help you navigate the closing process while keeping your biggest investment protected. With a focus on the best CUSTOMER EXPERIENCE, Velocity Title incorporates leading title TECHNOLOGY and EXPERTISE into every transaction—enabling the final step in the home buying process to be EASY, EFFICIENT and INFORMATIVE. For the perfect settlement experience, and unmatched title insurance coverage, click here or contact us today!
