Experts can tell you that title insurance is a must-have, whether you’re purchasing your first home or your tenth. If you’ve seen what a mortgage company in Texas is doing to homeowners or you simply know that several things could go wrong without title insurance, you know it’s important. However, even the most experienced buyers sometimes question whether title insurance is something they can skip. It’s not… and here’s why.
3 Home-Buying Nightmares You Can Avoid With Title Insurance
Once you find your dream home, buy it and move in, you’ll breathe a sigh of relief. Unfortunately, problems can surface long after you’ve unpacked the china and invested time and money into the home.
Home-Buying Nightmare #1: Second Sellers
What would you do if a distant relative or the ex-spouse of the former owner came to you claiming that they owned your home? If that happens, you may end up in court. If the judge rules in the other party’s favor, you could have to buy them out, negotiate or lose your home. You’ll have to pay for your lawyer, court costs and other expenses… unless, of course, you have title insurance – which will pay for your financial losses, including attorney’s fees and court costs.
Home-Buying Nightmare #2: Unpaid Taxes
A tax collector never forgets a debt, even if the debt is attached to a home – and the original debtor is long-gone. If you receive notification of delinquent back taxes after closing, which could be substantial, your owner’s title insurance will kick in and ensure that you’re covered. That’s because you bought the home under the assumption that all back taxes were paid, and your documentation will prove it.
Home-Buying Nightmare #3: Encroaching Neighbors
What if a neighbor puts up a fence, shed or swimming pool on your property before you actually close on it? What if they pave a driveway on your property, or what if their fence encroaches on your space? If you have an enhanced homeowners policy, you’ll be able to file a claim for the company to pay the cost of legal issues or efforts to settle out of court.
Do You Need Title Insurance in Middle Tennessee?
If you’re like most people, you know that title insurance is something you need to protect your investment. When you’re ready to talk about your needs, we’re here to help. Call us at 615-393-6222 or get in touch with us online today. We can help ensure that your entire home-buying transaction goes smoothly.