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Is title insurance a must when buying a home?

There is nothing better than finding your dream home, putting down an offer and having it accepted by the seller.

However, just because you're well on your way to buying the home doesn't mean nothing could go wrong along the way. This is why you need to protect yourself at every turn of the road, such as by purchasing title insurance.

When you purchase a property, you are provided with a title. The way the home is titled depends on a variety of factors. For example, it could be held as joint tenants or tenants in common.

Regardless of how the home is titled, don't overlook the importance of title insurance. Before you make a purchase, a title company will step in to provide a title search. During this time, they look for any limitations or problems associated with the title. From there, once all the leg work is done, the title company can offer title insurance at a relatively affordable price.

Although you don't expect it, problems can arise with the title after you purchase a home. For example, forged documents may have been used or maybe the seller didn't actually have the right to sell the property.

Title insurance helps protect against a variety of potential problems. By purchasing this, you are purchasing peace of mind.

You hope your closing goes off without hitch and you're soon able to move into your new home. However, if something goes wrong, if you find that there is an issue with the title, you'll want to learn more about your legal rights as a buyer.

Source: FindLaw, "Do You Need Title Insurance?," accessed March 03, 2017

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