In Maryland, the real estate market is incredibly competitive as a hot seller’s market with interest rates at an all-time low and multiple offers available for homeowners to choose from. Whether you’re buying a new home or simply cashing in on the refinance boom, you should know that it’s critical to invest in owner’s title insurance in Maryland. Since owner’s title insurance protects your rights to your property, it can provide you with peace of mind that your property rights are secured.
Owner’s Title Insurance and Lender’s Title Insurance: What’s the Difference?
Yes, there is a difference between owner’s title insurance and lender’s title insurance! Lenders title insurance is typically required by the lender who is financing your home to protect their end of the investment property. While this safeguards the lender, this does not cover the homeowner or homebuyer from any unforeseen instances in which a title dispute may arise. While owner’s title insurance is an optional form of title insurance, it’s something that you shouldn’t consider as optional if you want to fully protect your home to the fullest extent possible.
How Does Owner’s Title Insurance Protect My Home?
Owner’s title insurance protects homeowners and homebuyers from potential claims that may arise against their home titles. These claims could include outstanding debts against the title due to a previous owner, liens against the property from previous construction on the land, unknown heirs, undisclosed lawsuits, and many more. While you may think that this certainly couldn’t ever occur with your home investment, it’s more common than you may realize. In Maryland, property attorneys can cost anywhere from $150 to over $300 an hour — which means that a lawsuit on your hands could potentially bankrupt your family.
How Much Will I Pay?
You can expect to pay a flat rate for owner’s title insurance in Maryland. For a single-family home, an annual payment can vary between $110 to over $1000 based on your home’s selling point and the down payment you placed upon your property. It’s best to talk with your title company and figure out the potential cost of any title insurance purchases you’re making.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, and LinkedIn.