If you are interested in purchasing property in Lee County, have you looked into a title insurance company? This specialized type of insurance is an important prerequisite to any real estate purchase as your policy will protect you in the case of title defects. For more information on what constitutes a defect and how insurance can protect you, read on.
If Legal Ownership Comes Into Question
"Clouded title" can occur for a variety of reasons. Perhaps the document has errors, or was simply incorrectly filed. Perhaps a spouse who is an owner didn't sign the document, or another key signature is missing. In some cases, an error to the public record for a piece of land can cause problems.
When a search is conducted, monetary and non-monetary encumbrances will come to light. Monetary encumbrances include liens or mortgages while an easement is a non-monetary encumbrance. (An easement is an official agreement between two parties that the non-owner has special rights to the land, or a portion of it).
Sometimes there is an exceptional circumstance for questioning legal ownership of a piece of land. Cases of fraud sometimes occur with relatives who have no legal claim acting as the owner. In other instances, signatures on official documents are forged, and the forgery is only discovered when a search is conducted.
How Your Insurer Can Help
When investing in title insurance, you are investing in the peace of mind, knowing you are protected from any issues with ownership before you agree to purchase. Estimates indicate that up to a third of real estate transactions are affected by these types of issues, but very few become problematic for the buyer.
Rely on your insurer to provide a detailed history of the land before finalizing the purchase. Your insurer is required to oversee a thorough search to avoid any loss or damage, and must compensate if there is any harm or damage to the insured. When an issue arises, your company must resolve the issue, even it means representing you in court to defend your right to ownership.
Protecting Your Property Purchase
An insurer must address any concerns that arise at the time of a search. If there is a defect, the company will try to resolve it as quickly as possible. In some cases, resolution will come by court order, or a more lengthy court case. The company will cover the costs associated with such a court case and defend you.
When looking into Lee County title insurance providers, start by asking for referrals from friends and family. Also be sure to ask company representatives about the full range of services they offer. Some conveniently include notary services. In SW Florida, there are a number of full service insurance companies that specialize in making property purchases as straightforward as possible for their customersFree Reprint Articles, including notary services.
Article Tags: County Title Insurance, County Title, Title Insurance, Real Estate, Title Defects
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