What happens when you have purchased property and suddenly there are unknown heirs or debts against the property? These can put your own ownership into jeopardy. Title insurance is meant to protect you from these losses or threats. There are many advantages to purchasing insurance from a Parkland title insurance company.
Title search: When you apply for title insurance, the company will ensure that the chain of ownership is clear with no hidden claimants before issuing the insurance. Thus, you can get a title search done while buying the insurance. Sure, you can do this yourself. But you simply won’t have the resources of a title insurance company.
Resolving issues: The job of a title insurance company is to make sure your title is clear. If an issue does come up during the title search, the company will try and resolve it with the other party. You can also be assured that problems are dealt with.
Saving your investment: The purpose of any insurance is basically to save you money. Title insurance will ensure that if there is a threat to your ownership, your losses will be covered. Since a property transaction represents a large amount of money, this is substantial investment protection.
For securing mortgage: Buying title insurance is usually a condition of your mortgage. Many home loan companies insist on title insurance so as to protect their own investment. After all, an unanticipated change in the property ownership can also jeopardize the recovery of their loan.
To show good faith: The property owner may also buy a policy from a Parkland title insurance company to show good faith. The insurance will be proof that the property is clear of any debts or claimants.
