A Real Estate Agent in Massapequa Explains What Title Insurance Is

March 3, 2021

Are you planning on buying a home with a real estate agent in Massapequa? If so, ensuring that
you are protected with title insurance is certainly of importance! However, you may be
wondering what title insurance is, and how it will protect you.

Are you aware of the many benefits that title insurance presents and why it is mandatory?
We believe that everyone should be aware of what title insurance is! That’s why, here at Kim
Holland Homes, real estate agents in Massapequa, we have gathered some information to
assist you with knowing what title insurance is. If you are all set to discover some great insight,
be sure to continue reading:

● What is Title Insurance?: If there were to be any defects or issues with a title when
there is a transfer of property ownership, title insurance will help to protect
homebuyers and mortgage lenders. So, in general, by having title insurance, you will be
protected from financial loss and related legal expenses, if there were to be any
unfortunate title scenarios that should arise.

● What Title Insurance Covers: Even after public records are meticulously searched, there
could still be an array of title issues that could arise. So, know that various defects could
come about months, or even years, after purchasing a home. By having title insurance,
know that some of the top coverages are things such as improper executions of
documents, errors in recording legal documents, fraud and forgeries, unpaid
assessments and taxes, unpaid liens and judgements, and unreleased mortgages.

● How Title Insurance Works: A title search will be performed by a title company to
ensure that the home being purchased has a clear title. A title is confirmed as clear
when the person selling the home truly owns it, and has the right to sell it. If there were
to be any issues with the title, the title company would make you aware of it. Once the
title has been confirmed as clear, the underwriting process begins, meaning that any
issues will be assessed, as well as discovering any potential problems that could come

● Why Title Insurance Is Mandatory: Most mortgage lenders will require homebuyers to
purchase title insurance that protects the lender, not the buyer, which is known as
lender’s title insurance. But, to protect yourself from having to be responsible for any
title problems, you will be given the option to purchase owner’s title insurance, which is
separate from the lender’s title insurance policy. In general, title insurance should
certainly be purchased, as if an issue were to turn up in the future with your title, it
could cost you a great deal of money to correct it.
Having title insurance is certainly of importance! These are just a few pointers from a real
estate agent in Massapequa to assist you with knowing why.
Are you all set to work with a real estate agent in Massapequa, New York? If so, please contact
us here at Kim Holland Homes, as we would be pleased with the opportunity to work with you!