A reminder from our trusted Real Estate Attorney, Amanda Hayes, Esq. from Redmon, Peyton & Braswell, LLP.
Title insurance is important! As a real estate attorney, I see so many issues arise for our clients that could have been resolved using title insurance. When title insurance does not exist, we must negotiate or litigate for our clients in order to resolve the title problems, which everyone knows, is extremely costly. For a one-time fee at closing, title insurance covers a multitude of benefits that covers you for that property for the rest of your life (and your heirs!).
An Owner’s Policy provides you with a range of benefits, including:
- Protection for as long as you or your heirs own the property
- Protection from the costs, attorneys’ fees and expenses of defending against any matter insured by the policy
- Protection against certain covered risks (not exceeding the amount of insurance), including defect in title by:
- Forgery or fraud
- The lien of real estate taxes or assessments due and payable, but unpaid
- No right of access to and from the land
- Unpaid mortgages and other liens
- Easements or rights of way, limiting use of the property
- Unmarketable title
When you buy title insurance, you’ll also benefit from peace of mind knowing you’ll be protected from financial loss from covered claims. If you decide to sell your property, title insurance can protect you from financial loss if the sale falls through due a covered defect in your property’s title.
A Lender’s Policy, which is typically paid for by the homeowner, protects the mortgage lender from financial loss for covered risks and, in most cases, ensures that the mortgage is the only lien against the property. Lenders know the value of protecting their investment and insist on title insurance for that reason. This type of policy protects only the lender’s interest in the property.
For all of your home settlement needs, contact Amanda R. Hayes, Esq., Settlement Attorney at Redmon, Peyton & Braswell LLP | 510 King Street, Suite 301, Alexandria, VA |
703.684.2000 (Main) | 703.684.5109 (Fax) | ahayes@rpb-law.com | www.rpb-law.com
