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How title insurance might become an issue for you

On Behalf of | Aug 12, 2021 | Real Estate Transactions |

Real estate transactions can be enormously complex, and the stakes can be high. A deal that quickly heads south can cost you an enormous amount of money, not to mention the time that you’ve poured into securing the deal. That’s why you want to do everything you can to protect your interests throughout the real estate transaction process, which may mean taking out title insurance.

Why you should consider title insurance

Title insurance protects you from obstacles that prevent you from taking ownership of the real estate as is intended in the transaction. Those barriers to obtaining legal ownership can be significant, including liens, back taxes, undisclosed easements, erroneous surveys, building code violations, and even estate planning documents that direct the property to someone else. Without title insurance, you could lose the money that you’ve dumped into your real estate transaction and face significant litigation further down the road.

Common title insurance disputes

Just like with any other type of insurance, title insurance can be confusing and lead to disputes. Oftentimes this is because the insurance company tries to expand the number of exceptions to coverage. You’ll want to try to limit those exceptions on the front end of your transaction to minimize the risks for you. Issues pertaining to the marketability of the title and latent defects that are only discovered after closing the transaction can also arise and leave you with less than you bargained for in your transaction. In these matters, you need to know the law and how to use it to your advantage lest you take a hit to your financial standing and receive something less than you expected.

Have a legal ally on your side

There’s a lot that goes into a successful real estate transaction, and you have to make sure that every issue is adequately addressed if you hope to achieve the outcome you desire. That’s why it’s probably best to work closely with an attorney who is experienced in this area of the law. He or she can lift the burden from your shoulders and ensure that you’re protecting your interests as fully as possible under the circumstances.