Title insurance is protection against any loss that may arise from problems connected to the title of your property. There are two types of title insurance.
Lender’s Title Insurance: This is required by virtually all mortgage lenders to assure them that should a title defect arise, their investment in the subject property is protected.
Owner’s Title Insurance: This protects the purchaser from any title claims arising from the previous ownership, such as fraud, forgery and filing errors. Owners title insurance is a one-time premium.
Homes tend to go through several ownership changes throughout their lifetimes. And the more a home or a plot of land changes hands, the greater the odds that something will go wrong. There may be a weak link at any point in that chain that could eventually cause trouble. These weak links could include:
• A forged signature in transferring title
• Other title defects
• Unpaid real estate taxes
• Other various liens
• And much, much more!
Title insurance covers the insured party for any claims and legal fees that arise out of such problems. The cost of the title insurance premium is modest when compared to the potential loss from a claim.
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.