Home owners often ask about owners title insurance, what it is, and whether they need it. Lenders title insurance is required with most mortgages, however, owners title insurance is usually optional. Buyers should review the features and decide for themselves on whether the expense is worthwhile given the expense and coverage. Below are Waltham owners title insurance details.
Title Searches Are Not Perfect
Before closing, a title search is normally performed by a closing attorney. This confirms that no other party has a claim to the home (based on available records) and that the title is clear to be transferred to a new buyer. The title search is not guaranteed and may not identify hidden risks in the title. Owners title insurance will protect you against un-caught title problems and the legal fees associated with defending your rights to property.
Owners Title Insurance Lifetime Coverage
Owners title insurance is a single charge at closing that will remain valid for the entire time that you retain ownership of the home. You can purchase it at a later time, but it is typically less costly when bought at closing. The charge is based on the amount of the mortgage.
Waltham Owners Title Insurance Details and Items Covered
Owners title insurance standard coverage includes…
- Fraud related to the execution of documents.
- Pressure on a seller or executor (of a will).
- Impersonation by those claiming to be owners of a property.
- Incorrect marital status of a seller.
- Mental Incapacity of sellers.
- Conveyance of a minor.
- Non-delivery of deeds.
- Unsatisfied claims not displayed onthe records.
- Incorrect indexing at Registry of Deeds.
- Clerical mistakes in recording legal documents.
- Delivery of deeds after the death of a grantor.
- Deeds executed under unauthorized powers of attorney.
Some policies also cover…
- undisclosed heirs.
- Wills not properly probated.
- Incorrect interpretation of trusts.
- Birth of heirs subsequent to the date of a will.
- Incorrect property surveys.
- Inaccurate legal descriptions.
- Confusion fomr identical names.
The above facts are only an introduction. Consult a local title company for up-to-date Waltham owners title insurance details and pricing, as they generally vary based on the provider.