Why You Need Title Insurance - Home Services Title in Dayton Ohio - Affiliated with Coldwell Banker Heritage Realtors
   


Real Estate is the nation's largest asset. Title problems arise in one out of every four real estate transactions. A home purchase is the biggest investment people will make in their lifetime.

A title search is an examination of records in the county offices. These records cover all recorded documents, judgments, other liens, general taxes, assessments, easements and other matters. This review of these records provides advance notice of potential problems so they can be eliminated whenever possible. However, there can be any number of problems that remain undisclosed even after the most careful search of public records. These hidden 'defects' are sometimes not discovered for months or years after you purchase your home. You could be forced to spend substantial amounts of money for legal defense costs.

Title insurance is an insured statement as to the condition of title or ownership rights to a property.

There are two basic types of policies: Lenders title insurance (loan policy) and Owner's title insurance (Owner's policy). The loan policy insures the amount of the mortgaged debt and protects the lender's interest in property. The owner's policy is issued in the amount of the real estate purchase and protects the owner and his/her heirs forever.

Owner's title insurance protects you against what you don't know. It protects property owners against human errors of lawyers, surveyors and others that may cause the owner financial loss. It also provides legal defense to property owners in all legal acts or proceedings alleging the title to be other than as insured.

How much does it cost? All title insurance rates in Ohio are the same. The one-time premium is directly related to the value of your home. Typically, it is less expensive than your annual auto insurance! It is a one-time only expense, paid when you purchase your home.

NEW: The new extended coverage owner's policy offers more coverage for minimal additional premium. For an additional 15% premium, you receive 19 new expanded coverages, including:

  • Zoning violations
  • Subdivision law violations
  • Post policy forgery
  • Post policy encroachments
  • Post policy cloud on title
  • Restrictive covenant violations
  • Encroachments by boundary walls and fences
  • Expanded access coverage
  • Building permit violations
  • Increased coverage amounts!!
  • Living trust coverage

The first line of one of the conditions in the First American extended coverage policy reads: "This policy insures you forever, even after you no longer have your title".

 

 

 

   
 

 
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Home Services Title, LLC — 4060 Executive Drive, Dayton, OH 45430 — (937) 435-2580 — (937) 427-1216 - fax

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