Title Insurance: Armor Plating Your Ownership Rights

When it comes to your rights as a land owner, the last thing you want is a surprise.

It’s an afternoon like any other at the new home you’ve occupied these last three months. You stroll down the driveway to the mailbox, sift through the day’s delivery…hmmm, what’s this? A letter from Wudge & Uppity, Attorneys. What could it be about?

You open the envelope, read what’s inside, and instantly feel sick. Someone named John Smith is claiming that your property purchase has violated his prior entitlements as an heir to the land you own. You’ve never heard of Smith—but now, in a matter of seconds, he’s turned your world upside down, intruding in your life in a way that could spell catastrophe for you and your family.

Thank goodness you’re protected by title insurance. You may face a rocky road ahead, but your legal costs are covered, as are any other unforeseen losses you might incur as a property owner. You’ll be okay.

Title insurance can make the difference between a difficulty and a disaster. As a land owner, think of it as your armor plating, troubleshooting potential problems and protecting you from unanticipated threats. Combined with a quality land survey, title insurance affords comprehensive peace of mind.

What is title insurance?

Title insurance protects you against loss that arises from problems connected to your property title. Of the two kinds of title insurance, lender’s and owner’s, owner’s insurance is the one that protects you personally from human error, record defects, and fraud. Its two-part procedure secures you with a double safety net. First, by conducting a title search, the title company does everything possible upfront to clear your right to the property title. Then the company issues you a policy covering you against unforeseen problems that may arise after closing.

What is a title search?

Prior to issuing title insurance, the insurer conducts a meticulous investigation of the title as it has passed from owner to owner. Beginning with the present owner and working backwards through each previous owner, the search examines the chain of title for weak links—unpaid liens, forgeries, errors in the public record, easements not shown on the land survey, anything that could cause a problem for you farther down the road.

A high percentage of title searches—more than 25 percent—do in fact uncover flaws. The insurer will resolve these before issuing title insurance. You can view your policy, then, as an indication that the insurer has thoroughly vetted the title, fixed any detectable snags, and given it a clean bill of health.

While title searches are as failsafe as is humanly possible, they are not perfect. They cannot, for example, ferret out some types of fraud. Nevertheless, the title search provides a sophisticated, detailed, and powerful tool for reducing risk and loss up front. Your owner’s insurance policy covers the rest.

What problems does my title insurance cover?

Your owner’s policy covers a broad variety of concerns that may attach to the chain of title up to your closing date. Incorrect signatures on documents, forgery and fraud, defective records, restrictive covenants, various encumbrances, preexisting violations, mapping issues, problems with living trusts, and in certain cases, even encroachments and forgeries that occur after the issuance of your insurance policy…owner’s insurance protects you against the hidden, potentially devastating risks of purchasing property.

Who pays for my title insurance?

Waterland Homes LLC covers the complete cost of your owner’s insurance at closing. There are no further premiums to pay, ever.

How long will my owner’s policy cover me?

Indefinitely. Your owner’s insurance furnishes you with thorough coverage for as long as you own your property.

It’s all about peace of mind.

Tranquility. It’s one of the big reasons you’re looking for a home in the country. Waterland Homes LLC will help you undergird your lifestyle of peaceful rural living with the ironclad legal and financial protection of title insurance—so the biggest, orneriest surprise you’re ever likely to encounter is that lunker bass waiting for you in the lake.