LILY  ALSPAUGH

LILY ALSPAUGH

Real Estate Consultant

Jane Byrd Properties International LLC

Mobile:
346-814-8482
Office:
713-489-9897
Email Me
LILY  ALSPAUGH

LILY ALSPAUGH

Real Estate Consultant

Jane Byrd Properties International LLC

Mobile:
346-814-8482
Office:
713-489-9897
Email Me

BUYERS: Title Insurance Details

 

What is Title Insurance?

Title insurance is protection against loss arising from problems connected to the title of your property. Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.

Prior to closing, public records are "searched" to determine the previous ownership of the property, as well as prior dealings related to it. At closing the buyer expects property that is free and clear of such claims, so typically they must be cleared up before closing.

Occasionally problems regarding title are not discovered before closing, or are not remedied before closing. Such defects can make the property less marketable when the buyer subsequently sells and, depending on the nature of the problem, can also cost money to remedy. For example, the survey might have failed to show that an addition to the property was built without permission. The buyer of the property could be out-of-pocket if he is later required to remove the addition.

Am I required to purchase Title Insurance?

Title Insurance is required if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.

Who is protected with Title Insurance?

Title insurance policies can be issued in favour of a purchaser (on new/resale homes, condos and vacation properties), a lender, or both the purchaser and lender. Some of the risks that are frequently covered under a title insurance policy include: survey irregularities; forced removal of existing structures; claims due to fraud, forgery or duress; unregistered easements and rights of-way; lack of pedestrian or vehicular access to the property; work orders; zoning and set back non-compliance or deficiencies; etc.
For a risk to be covered, usually it has to have existed as of the date of the policy. As with any type of insurance policy, certain types of risks might not be covered, for example, native land claims and environmental hazards are normally excluded. Be sure to discuss with your lawyer what risks are covered and what are excluded.

When does the insurance coverage end?

When the title insurance is covering the purchaser, it remains in effect as long as the insured purchaser has title to the land. Some policies also protect those who received title as a result of the purchaser's death, or certain family members (e.g., a spouse or children) to whom the property may have been transferred for a nominal consideration.

When the title insurance is covering the lender, the policy remains in effect as long as the mortgage remains on title. A lender covered under a title insurance policy is insured in the event the lender realizes on its security and suffers actual loss or damage with respect to a risk covered under the policy. Lenders are usually covered up to the principal amount of the mortgage.

The premium for title insurance is paid once (at the time of purchase). Generally speaking, in Canada the purchaser of the property pays for the title insurance, though there can be situations where the seller pays for it. Some policies automatically cover both the purchaser and lender; others will cover both for a small additional fee

Protection and Peace of Mind

Title insurance can help ensure that a closing is not delayed due to defects in title. And, if an issue relating to title arises with respect to a risk covered under the policy, the title insurance covers the legal fees and expenses associated with defending the insured's title and pays in the event of loss.

 

Have Questions?

 

Welcome to our Local and  international Real estate world

We would  love to partner with you as your Home Finder in Houston!  We love to help home buyers find Houston Tx houses for sale  that match their  needs and lifestyle. You can Access prime Houston homes for sale  in our platform 24/7.

If you are buying or selling a house in Houston schedule a live zoom consultation today in this link:   Schedule a Zoom Meeting

For home buyes ;  I specialize in New build homes in Cypress Tx and New build homes in Houston Tx.    

If you have questions about  buying your first home or would like a list of Luxury homes in Houston Texas or ifnormation about  living in houston , please feel free to reach out via  text or call 346-814-8482 , by email contact@lilyalspaughrealestate.com

To help me serve you better if you are selling your house and want  to know how much is your home worth : Click the link https://www.lilyalspaughrealestate.com/HowmuchismyCypresshomeworth to receive your Free Home Value report. Power of sales alert  neighborhood-buzzer to keep an eye of what is selling in your neighborhood. 

When I am your Local or international  real estate advisor, you are my top priority. I work to negotiate the best possible outcome for your real estate transaction. Let me help you Find Your Way Home, with local listings in a Global Real Estate Market.

 

I love discovering what a home buyers want in their dream home, then finding a home that fits them best. I also enjoy helping home sellers make their homes attractive to prospective home buyers with the help of a professional home stager and photographer

The positive way I live my life spills over into everything I do, and I am happy to help home buyers and home sellers achieve their dreams. I am a graduate of the REALTOR® Institute (GRI), with special expertise in selling luxury homes "Accredited Luxury Home Specialist". I am also a Certified International Property Specialist (CIPS).

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Specialty: Residential Real Estate Houston Real Estate Cypress Tx Real Estate International Real Estate Advisor Colombian Properties Belize Properties

Area Covered: Houston Texas Cypress Texas Tomball Texas The Woodlands Texas Katy Texas

Languages Spoken: Spanish