Why Every Homebuyer Needs Owner’s Title Insurance
By Barbara Pronin
As a real estate professional, you know that buying a home is, for most people, an exciting and emotional time. In many cases, it is also the homebuyerâ€™s single largest investment â€“ an investment that deserves to be protected in the same way that other insurance policies protect against the loss of the buyerâ€™s car, health, or life.
Ownerâ€™s Title Insurance protects the buyerâ€™s legal right, title and interest in a property, safeguarding against a variety of potential challenges ranging from unexpected judgments to pending legal actions or outstanding liens against the property for as long as they own or have an interest in the home. For that reason, advising your clients to purchase ownerâ€™s title insurance early in the home buying process â€“ typically at the same time they start working with a lender â€“ can be a valued and important part of your commitment to help your clients make the best real estate decisions.
Your title insurance representative can provide you with all the tools and guidelines you need to educate your client about this valuable protection â€“ and, as your title partner, we are here to answer any questions you or your client may have.
Here are five solid reasons why homebuyers benefit by purchasing ownerâ€™s title insurance:
- Protect the investment â€“ For a reasonable, one-time fee, ownerâ€™s title insurance will protect the homebuyerâ€™s property rights for as long as they or their heirs own the home.
- Reduce risk â€“ Ownerâ€™s title insurance will protect against any unforeseen legal and/or financial title discrepancies that may arise, such as a claim filed for ownership by the heir of a previous owner, a debt unpaid to a contractor by the builder, or a lien filed against the property because the seller has not paid his taxes.
- The cost is minimal â€“ Ownerâ€™s title insurance generally costs no more than 0.5 percent of the homeâ€™s purchase price.
- There is nothing else like it â€“ Homeownerâ€™s insurance and warranties protect only the structure and belongings in your clientsâ€™ home. As more than eight in ten home buyers annually attest, ownerâ€™s title insurance is the only insurance that ensures that a familyâ€™s rights to the property will stay protected.
- Buying peace of mind â€“ Purchasing ownerâ€™s title insurance means that homebuyers can rest assured that when they close on their new home, they will be protected from inheriting any existing debts or legal problems now or in the future.
Barbara Pronin is an award-winning writer based in Orange County, Calif. A former news editor with more than 30 years of experience in journalism and corporate communications, she has specialized in real estate topics for over a decade.
Reprinted with permission from RISMedia. Â©2016. All rights reserved.
For more information about properties in Fort Lauderdale or Broward County call Marina Sarabia or Kathleen Costanzo at 954-914-8056