As a Bend Oregon Realtor one common question that home buyers will ask at one time or another is “do I need title insurance?” and this answer to this question is yes.
In today’s post were going to cover what exactly title insurance is, how it works and how this important form of insurance protection can protect you financially.
Covering the Home Buyer
When purchasing a home, it’s important for you to know that you will have a title that’s free and clear from any debts or third party liens; this is also called a “marketable title”, meaning that the title will be transferred to you and there won’t be any claims from other people who may have had partial ownership in the property or some financial stake in the home in the past.
Where to Get Title Insurance
Shortly after signing the purchase agreement for the home your Bend Oregon Realtor will start the process of helping you to get title insurance for your home and you will have at least five title insurance underwriters in the United States to choose from.
You can expect to pay $1,000 for a title insurance policy and the cost is worth it, especially considering the possibility that not every homes title is owned free and clear by one owner. For older homes there may be situations where there is more than one owner, or even a “long lost relative” who has partial ownership in the home, and if these people can’t be found, title insurance will provide you with peace of mind.
What Happens If Someone Contests The Title?
In situations where a third party contests the title for the home that you’ve purchased, the insurance company that you’ve purchased the title insurance from will protect you and defend the homes title, and you won’t have to pay any expense at all.
For more information on title insurance, or to view the latest Bend Oregon Homes for Sale, contact me today by calling (541) 383-1426.