We have already told you what title insurance is, so now we are going to examine the benefits of a title insurance policy. But in order to fully understand the advantages of title insurance, we must look at how it affects all parties involved.
Title Insurance Benefits for the Homebuyer
- Provides protection against serious financial loss due to a defect in the title to the property purchased.
- A title insurance policy will cover both claims arising out of title problems that could have been discovered in the public records, and those so-called “non-record” defects that could not be discovered in the record.
- Protects the homebuyer’s heirs for as long as they hold the title to the property, and even after.
- A title insurance policy will pay for the costs and legal expenses of defending against a title claim.
Title Insurance Benefits for the Lender
- Provides a mortgage lender with a high degree of safety against the loss of security as a result of a title problem.
- This protection remains in effect for as long as the mortgage remains unsatisfied.
Title Insurance Benefits for the Seller
- Provides the assurance that the title will be marketable when selling the property.
- Protects the seller from financial damage if the seller’s title is rejected by a prospective purchaser.
- Also, when the seller conveys with “warranties,” the seller is still protected if the buyer sues because of a breach of those warranties.
If you have any questions, please contact the Maryland real estate insurance experts at Colony Title Associates by calling 410 884-1160 or visit ColonyTitle.com today!
About Colony Title Associates:
Founded in 1995, Colony Title Group handles in excess of 2000 real estate closings per year in the central Maryland area. The founder Tee Tillman has over 23 years experience in the title and real estate law fields. Colony handles closings for several lenders, including banks, credit unions and mortgage brokers. Colony is the preferred choice for many real estate brokers in the area.
Colony Title specializes in real estate title insurance, real estate settlement services, and real estate closings in Baltimore, Columbia, Maryland, Washington DC, and Virginia. Our staff consists of licensed Title Insurance Agents, Real Estate Agents, Settlement Processors, & Attorneys to handle all of your real estate needs.