Whether you are buying or selling, real estate title insurance can safeguard against unexpected hiccups in the history of the property. For instance, a lien or unknown co-ownership can undermine your transaction. The lawyers at Wagar Richard Kutcher Tygier & Luminais, LLP can guide you through the process of purchasing title insurance from their Metairie, LA, office. With your policy and their assistance, you will be protected against unforeseen costs or even loss of property. Additionally, since sellers must sometimes answer complicated legal questions at closing, our team can help in this capacity. We will explain the types of title insurance and help you choose from among the various providers. Though it is rare to actually file a claim with a title insurance company, in the few instances when it is necessary, your policy could save you a large amount of money.
Title insurance is a unique type of insurance. Unlike home or auto insurance, buyers do not pay for it on a regular basis. Rather, they purchase a policy only once at the time that they buy their property. Title insurance is designed to protect owners in the event that the seller does not have the legal right to dispose of the property. In extreme cases, a buyer may find out that the seller did not actually have ownership to begin with. Typically, the original owner may have a lien on the property. In other cases, there might be a co-owner whose signature is required before a sale. Sometimes, disputes could arise when previous owners show up with a claim to the house that existed before the last owner. In these instances, title insurance can keep the unwitting new owner from legal battles and financial disaster.
A local real estate attorney with ties to area insurance companies can often make the approval process go more smoothly.
There are two types of title insurance: lender’s policies and owner’s policies. A lender’s policy is required before you can take out a mortgage. It guarantees that you will still be able to pay your mortgage, even if you lose the house because of a legal dispute. An owner’s policy is not usually required, but it is always prudent. It will cover the full cost of your home and will last as long as it remains in your possession or that of your heirs. A standard owner’s policy will insure the full amount that you paid for the home. An enhanced policy will cover the full amount plus inflation and liens filed after the deal has closed. Many policies combine lender’s and owner’s insurance in one.
When you are purchasing a home, there are several title insurance companies from which you can choose. Typically, your lender will have one that they prefer. Though it is likely a reliable choice, you may want to do research to make sure that this company has a solid reputation and offers competitive pricing. An experienced real estate attorney can assist in this area, helping you compare your various options.
If you are selling your home—particularly if you are doing so without a real estate agent—an attorney can be immensely helpful. Before issuing title insurance, a company will do an exhaustive investigation of the property’s history. An attorney can help you navigate any complications and answer legal questions, should they arise. Furthermore, a local real estate attorney with ties to area insurance companies can often make the approval process go more smoothly.
Secure the services of a real estate attorney before you enter the closing phase of your sale or purchase. Contact our firm online today or call (504) 830-3838 to speak to a member of our team.
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