A frequent question we get from buyers nowadays is "Why should I buy an owner's title insurance policy?" It is an optional expense, and with all of the other costs associated with your new home purchase, you might be inclined to simply save a few dollars by bypassing this extra expense. However, as many real estate professionals will tell you, this relatively minor cost might be the most important one you elect to make at a closing. Imagine, for example, that you've just bought your new home and that one day in the future, you receive a letter from an attorney who represents an individual that claims that he and his wife had separated right before she sold the house to you, and that she forged his name on the deed of transfer to you. He would still be the owner of the home, which means he could force you to leave the premises and it would be a costly and traumatic venture to track down the wife to recover your money. This is just one of the many potential title problems that can occur which simply cannot be found through the course of our title examinations, and the most effective way to protect you from these disastrous outcomes is through the purchase of an owner's policy.
If a covered claim is made against your property, an owner's policy can save you endless headaches and hassles by paying your legal fees to eliminate the covered title defects, as well as paying for any losses arising due to such hidden defects in the title or defects not of record. Also, as opposed to other insurance policies, you only have to pay the premium once for the coverage, and the cost of the policy is more than justified by the peace of mind it gives you in the long run. Feel free to call us should you have any questions about this type of coverage.