Important Facts About Purchasing A Residence
What is Owner's Title Insurance?
The title to your home is your legal proof of ownership. Owner's
Title Insurance from Southern Title of Ohio provides you with protection against
the loss of your home if your ownership is challenged in the future by
someone claiming the title is defective.
What if I don't have Owner's Title Insurance?
If a problem with your title occurs and you don't have Owner's Title
Insurance, you could lose everything you've invested in your home or
face expensive legal costs. What are some examples of title defects? A
couple purchases an existing home, and later discovers the woman they
thought was the owner's wife was an impostor. The man's real wife
appears, laying claim to her share of the house. Several years after
buying a new house, the owners discover their garage was improperly
positioned on a utility easement, placing them in violation of zoning
ordinances requiring major renovation. Forgery, fraud, improper
recording of deeds or permits, unknown liens or heirs-these are all
reasons to protect yourself with Owner's Title Insurance from Southern
Title of Ohio.
How does Owner's Title Insurance protect me?
Owner's Title Insurance protects your investment in your home. If
someone initiates a claim against your title, Owner's Title Insurance
from Southern Title of Ohio provides you with a legal defense, including
attorney's fees, as provided in your policy. If your title should fail,
you will be reimbursed for the equity in your home up to the face amount
of your policy. To obtain this coverage, you pay a one-time, modest
premium at closing. There are no recurring premiums. Also, the coverage
lasts forever, protects you and your heirs, and continues even after you
sell the property.
Doesn't Lender's Title Insurance protect me?
No. If there is a complete failure of title, you have no protection
and would lose both your property and your equity in the property. You
could also incur legal fees and any tax penalties assessed against your
property. Your lender would be the only one protected by Lender's Title
Insurance. When you are purchasing a new or existing residence, you
should specifically request the option to purchase Owner's Title
Insurance from Southern Title of Ohio.
What if my attorney reviews the title?
Real estate titles have hazards that even the most competent attorney
can overlook, including hidden defects such as improper indexing of
records, forgery of documents, unknown or missing heirs, and more. Plus,
your attorney or closing agent cannot be held liable should you suffer
financial loss because your title is found defective - only the owner is
liable. The most accurate title examination may not discover some hidden
defects. That's why it's important to have your investment in your home
protected by Owner's Title Insurance from Southern Title of Ohio.
Why should I use Southern Title of Ohio for a title examination?
Southern Title of Ohio has protected generations of homeowners and
businesses. Our claims history trends below industry averages due to our
careful business practices and close association with professionals in
the real estate community. Title examinations involve a review of the
property's ownership history. We determine if the deed was properly
recorded when the property changed hands. We look for any outstanding
liens or judgments against previous owners. We examine the survey,
noting easements and restrictions on the property.
Why should I request Southern Title of Ohio's Owner's Title Insurance?
Owner's Title Insurance and the title examination work together to
protect your investment in your home. Laws governing real estate
transactions and insurance regulations vary widely between states.
Experience in local affairs is extremely important. Southern Title of
Ohio's network of agencies, branches, and affiliates provides the knowledge and
experience necessary to effectively navigate the complex issues
surrounding real estate titles.