What is Owner's Title Insurance?

When you purchase a home, there are many important steps to take in order to ensure that you own the home and all of its associated rights. One of these steps is obtaining an owner’s title insurance policy. But what is owner’s title insurance and why should you get one for your new home? Let's take a look at what owner’s title insurance is and why it is essential for protecting your new home. 

What is Owners Title Insurance? 
Owner’s title insurance protects buyers from any claims against their property that could arise from mistakes in public records or from other issues related to the previous owner's ownership of the property. It also covers liens placed on the property, like unpaid mortgages or taxes, as well as any legal fees incurred while defending a claim. In essence, owners title insurance protects buyers if something were to go wrong with the transfer of the title over to them. This can be especially helpful when purchasing an older home, where potential issues may not have been discovered yet. 

The Benefits of Owner’s Title Insurance 
Owner's title insurance offers protection in two ways; firstly it provides coverage for losses due to defects in the documents transferring ownership of the property; secondly it provides protection against liens arising from unpaid mortgages or taxes by prior owners, as well as any legal fees associated with defending such claims. This can be especially beneficial when purchasing an older home where potential issues may not have been discovered yet. Furthermore, once you purchase an owner’s title insurance policy, it stays with the property for as long as you own it (or until you decide to sell). 

Overall, obtaining an owner’s title insurance policy is essential when buying a home since it provides protection against errors or omissions in public records relating to your property ownership. It also covers liens placed on the property by prior owners like mortgages or taxes and any legal fees incurred while defending those claims should they arise during your ownership period. The cost for an owner's title policy will be determined by the sales price of your home.  Homeownership comes with enough stress already without having additional worries about potential issues related to transferring titles so make sure you invest in owners' title insurance today!