At Colony Title Group, we frequently receive a variety of questions from homeowners during the homebuying process regarding their Maryland title insurance. While homeowners are incredibly excited to get through the settlement process and start moving into their new home, it’s essential to take a pause and stay informed about everything your home investment entails. We can help provide a few answers to everything you should know about Maryland title insurance.
What is Insured Under Maryland Title Insurance?
As a homebuyer, you might’ve found yourself wondering what exactly is insured under Maryland title insurance. This depends entirely on the title insurance investment you’re making. While lender’s title insurance protects the mortgage lender in their bank investment on your new home purchase, owner’s title insurance can protect the owner from any title issues following the settlement of your home. As a whole, Title Insurance offers protection from claims outlined within your policy that may lead to costly legal battles to secure your title.
What Are the Out-of-Pocket Costs for Title Insurance?
Again, this varies from what type of title insurance you’re securing for your new home. If you’re looking to solely invest in lender’s title insurance, you can expect your cost to be a one-time fee of either 1% to 10% of your home purchase. If you’re seeking to add owner’s title insurance to your home property, that’ll be included in a small one-time fee upon closing that secures your ownership of the property for yourself and your future heirs. For a small price point, you can have peace of mind in your new investment.
Why Do I Need Owner’s Title Insurance?
Owner’s title insurance is critical for any real estate investment, even if it is an auction property or land that has never been built upon before. By purchasing owner’s title insurance, you are ensuring your ownership rights to your property and protecting yourself from any unforeseen legal problems that may arise. As a one-time fee required upon settlement of your home, you can fully secure your investment in your property without having to worry about any old, outstanding debts that may arise related to the property that can come back to haunt you. Contact Colony Title today!
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.