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Title Insurance

Are you in the process of buying or selling a property? If so, your Realtor, Lender or Attorney may have recommended a Title Agency. But did you know, choosing Good to be Home Title Agency comes at no additional cost? It is your right to choose which title insurance company best suits your needs, so why not choose one that you can trust? We’ll ensure your closing goes smoothly, so you can relax and say, "it’s good to be home."   

What is Title Insurance?

First, let’s start by addressing what title insurance is exactly, since I’m sure it’s not the first thing you think about when buying a home. Having title insurance provides protection for your investment, protecting your ownership interest, as well as your mortgage lender's, against claims questioning the legal ownership of the home or property. After the purchase concludes, if a problem were to arise, such as a defect in the title or a lien against the property, the title insurance policy protects your ownership interest in the home as well as that of your lender.


Unlike home, auto or health insurance, which are used towards the coverage of future incidents, title insurance is positioned to shield the policyholder from any former title discrepancies by a previous owner or seller, which may be unveiled during or after the purchasing process.
 

It’s also important to point out that there are two types of Title Insurance: the lender’s policy and the owner’s policy. Lenders will typically require borrowers to purchase this title insurance on their behalf during the loan-approval process, which would be part of your closing costs as the home buyer.  The lender’s title policy offers protection to the financial institution supplying the mortgage from the risk of any title claims. The owner’s title policy protects the homeowner against any claims regarding their ownership of the home.

What does title insurance cover?

Title insurance covers any underlying issues with a home or property’s title that may have been missed during the home-buying process. As your Title Agency, Good To Be Home Closings would run a public records search to ensure that the home or property being purchased is clear of any ownership disputes or liens, confirming the seller’s legal right to sell the home. 

 

Some common title issues that could arise:

  • Forged titles

  • Back taxes

  • Filing errors

  • Conflicting or outdated wills

  • Ownership claims from unknown heirs to the estate

  • Liens, commonly from unpaid home equity lines of credit (HELOCs) or contractor bills

  • Undocumented easements

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