Being in escrow can be overwhelming for many buyers. Pages and pages of documents flood their inbox and mailbox. A good majority of this they rely on their agent or escrow officer to advise on and highlight where a signature is needed. When it comes to the owner’s title insurance policy, they may not understand the importance of it.
As agents we understand that a buyer’s title insurance policy protects their rights to the properties for the years to come, but as a buyer you should know more.
Title is a buyer’s ownership of the property and should be clear of any and all clouds on that title in order to transfer the property, refinance, etc.
Before closing escrow, your title company searches public records to ensure there are no outstanding liens or encumbrances that may be clouding title. However, sometimes unexpected issues arise after a search is completed. An example of this would be a previous owner of the property never paid a contractor and that contractor, now sick of waiting for payment, files a mechanics lien against the property after the initial search was done. Having a title insurance policy protects a buyer’s rights to the property in these rare instances. In some cases, this could even include providing legal defense.
Lenders require title insurance. Most buyers are not purchasing in cash and therefore are required by their lender to obtain a title insurance policy to protect their loan against any such claims.
In short, the one time fee for title insurance paid at the close of escrow as part of a buyer’s closing costs protects the buyer from a wide array of problems that could arise. This policy will continue to protect them and their heirs as long as they own the property.
Author:Kurt Galitski Phone: 714-957-6677 Dated: May 23rd 2018 Views: 50 About Kurt: After 15 years of founding and running a successful boutique real estate office in Costa Mesa as a l...
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An Orange County native and Team Manager of The Kurt Real Estate Group with a heavy background in both
Marketing and Transaction Coordinating, Liz has handled it all - from listings to buyers, from the beginning stages to
the close of escrow and beyond. Coming from a digital marketing start-up in Los Angeles, Liz moved back to Orange
County to apply her keen sense of marketing knowledge to the real estate industry and it shows. Her experience in PR
and publishing provides a competitive edge to her clients and The Kurt Real Estate Group collectively.
Liz got into real estate because she saw an opportunity where she could be an asset in an industry lacking in marketing
innovation and provide a far superior service to both sellers and buyers. One thing Liz prides herself in, above all, is
customer service and the relationships she builds with each and every client. Just read the reviews. Liz strives to always
obtain the best for her clients and becoming a part of The Kurt Real Estate Group could not compliment this better.
With seven consecutive years of being featured in Orange Coast Magazine for customer service, this was the place
for her. Liz is passionate about helping people and her ability to connect with clients is unparalleled. In her spare time,
Liz enjoys hiking, skiing, and traveling. Having lived abroad in Portugal and London, Liz thoroughly enjoys culturally
Remodeling a new house is a bit like taking up a new hobby. There are
"Liz helped us recently with the purchase of a new house and the sale of our old one. She was exceptional throughout both transactions, always on top of things, clearly communicating progress, providing expert advice and support when needed. Liz has a very high real estate IQ and her unique approach to buy/sell strategy delivered results for us that far exceeded expectations. She also made
a potentially painful process, not only easy, but actually fun! We will definitely work with her again.