Share

Smith Welch Webb & White Blog

Friday, August 11, 2017

Do I Need Owner's Title Insurance?

With the housing market booming again there are many new and repeat home buyers looking to find their dream home.  One of the decisions you will be faced with in the home buying process will be whether or not you need title insurance. The Lender will require you purchase a Loan Policy to protect their interest, but you may be uncertain as to whether or not you need to purchase your own title policy.  For some home buyers they are under the impression that the Loan Policy issued to the Lender will protect them as the new owner as well.  This is a common assumption that many home buyers make as they are unaware of the differences between the two policies. 

All Lenders will require a Loan Policy be purchased by the buyer at closing as a condition of the loan.  This policy will only protect the Lender should there be an unforeseen title issue such as a lien against the property, pending legal action or unknown heirs of a previous owner who are now claiming ownership of the property. The catch is that the Lender will only be able to file a claim under their Loan Policy if they can demonstrate they have suffered a documented loss due to a title issue.

As a buyer your new home is one of the largest investments you will make in your life.  Protecting your investment with an Owner’s Title Policy is highly encouraged for all home buyers whether this is your first home or your fifth.  Unlike other insurance policies you may purchase (Life, Car, Heath etc.), an Owner’s Title Policy only requires a one-time premium payment for the valued protection of your property rights for as long as you own the property. Should there be an unforeseen title issue that arises you will have the right to file a claim without being required to show there has been a documented loss. The Owner’s Policy will give you the added protection of knowing you are protected from inheriting possible debts or legal problems, once you have closed on your new home.

 

Any representations regarding the law in this Blog is made available for educational purposes only as well as to give you general information and a general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog publisher. The Blog should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.

 


Archived Posts

2017
2016
2015
December
November
October
September
August
July
June
May
April
March
February
2014
November
October
September
July
June
May
April
March
February
January
2013


Smith Welch Webb & White serve clients throughout the south metro Atlanta area including but not limited to McDonough, Stockbridge, DeKalb County, Clayton County, Henry County, Peach County, Jonesboro, Spalding County, Butts County, and Lamar County.



© 2017 Smith Welch Webb & White | Disclaimer
280 Country Club Drive, Suite 300, Stockbridge, GA 30281
| Phone: 855-505-7999

Attorneys | Practice Areas | FAQs | Locations | Jobs | News & Blogs

Law Firm Website Design by
Amicus Creative


Make a Payment