Owner’s Title Insurance: Why You Should Get a Policy Now

owners title insurance why you should get a policy now plymouth title guaranty corporation blog

An owner’s title insurance policy is critical for protecting you from all types of issues you might have with the title of your home. It is essential and should never be overlooked by homeowners who want to make sure they are fully protected from title issues that could arise. Here, we will go over some top reasons to never pass on title insurance.

Owner’s Title Insurance Protects You from Liens

You need title insurance to protect yourself from any liens that may be on the home from a previous owner. A title search will generally reveal liens, but in the past, liens have been overlooked by title companies, and homeowners have been unaware of liens when they bought their home. By purchasing owner’s title insurance, you can protect yourself against having to pay off any liens that you may acquire accidentally.

Owner’s Title Insurance Protects You from Illegal Deeds

Despite the chain of title on your property seemingly appearing fine, it is possible that the previous deed was made by an undocumented immigrant, a minor, a person of unsound mind, or a single but married person. Deeds may be invalidated in these instances, which will affect prior (and possibly current) ownership. Owner’s title insurance protects you from issues that may arise from previous illegal proceedings.

Owner’s Title Insurance Protects You from Undiscovered Encumbrances

You want your house to be owned by you, and only you. You certainly do not want any unknown third parties involved. In some cases, you may not be aware that a third party holds rights to any or all your property – due to a former mortgage or lien, or non-financial claims, such as restrictions and covenants. Owner’s title insurance makes sure that you are protected against any potentially undiscovered encumbrances.

Owner’s Title Insurance Protects You from Boundary Disputes

Before purchasing your property, you should have been shown several surveys. However, other surveys may exist that show different boundaries, which brings up questions over property boundaries. In some cases, this can cause disputed that are very unpleasant and stressful to deal with. Another property owner could claim ownership of part of your property, but owner’s title insurance will help to ensure you are protected in such circumstances.

Owner’s Title Insurance Protects You from Easements

An unknown easement may prevent you from using your home and land as you like, which can turn out to be an absolute nightmare. An unknown easement can cause serious dilemmas for homeowners. The government, businesses, or other parties could access your property if there is an easement that you did not know about.

Title insurance is essential for homeowners, as it protects them from several legalities and issues that could be incredibly stressful or problematic. If you are considering purchasing a property, or do not yet have title insurance, make sure that you do you research and investigate purchasing owner’s title insurance to keep yourself protected.

For further information on owner’s title insurance policies, get in touch with one of the title and escrow specialists at Plymouth Title Guaranty Corporation.

Please note: The safety of our staff and clients is our highest priority.  Effective immediately, Plymouth Title Guaranty Corp. will be taking the following precautions to limit the spread of the COVID-19 virus:

All purchase transactions need to take place at a Plymouth Title Guaranty Corp. closing office.

  • If a party to the closing is not feeling well, please contact your closer before the closing so appropriate precautions can be taken.
  • We ask visitors to utilize the restroom in our building upon arrival to thoroughly wash their hands before entering our office.
  • Only individuals required to sign and/or deliver documents at closings will be allowed in our office. Specifically, closings will be limited to borrower(s), seller(s), agents, and lenders.
  • All pens used in the closing will be given to the client after use.
  • All closing rooms will be cleaned and disinfected in-between each closing.
  • Those picking up checks at our office will be instructed to call our main line and request to speak to a staff member who will plan for delivery to the lobby or parking lot of our office.
  • All staff will refrain from shaking hands before or after closings and ask clients to do the same.

Please be advised that our staffing may be impacted during this unprecedented event. While we are committed to continuing to provide outstanding service, we ask for your patience in the face of this pandemic.