| By Albert Bor
Is title insurance worth the extra cost and
paperwork? In a word, YES! Title insurance may
not be the most talked about aspect of a property
transfer but it is something that is hugely
important. In a perfect world we would not have
to worry about whether or not the person selling
the home has the right to do so. They would
have clear and free title to the property, enabling
the swift transference of the property. It is
unfortunate that we don't live in a perfect
world. Today's real estate market has seen the
gamut of real estate scams that are focused
on title issues. Of course there are also more
innocent issues with title, but those are not
the ones that typically get noticed.
Title issues that catch public attention are
the scams that are uncovered by police investigation
units. Some go so far as to steal the identity
of a home owner and simply sell the home out
from beneath them. It seems unlikely that such
large-scale identity theft would be possible
but indeed it is. This is where title insurance
comes into play. Essentially title insurance
protects you as the buyer from issues with the
title of the property. The insurance company
will do a title search with the additional idea
that they will pay any costs resulting from
an error in the search. Title insurance protects
the new owner of the home in the event that
another claimant to the title of the property
arises. If such a thing should occur the insurance
will cover the legal costs and deal with the
cost of the home in the event that the home
is lost. In regards to new construction homes
this will not be as much of a concern as it
would be with a home that is 30 years or older.
There can be a lot of action on a property's
title over the years so title insurance is a
smart choice when buying a home. Ask yourself,
"can I afford to take a chance on this?"
Albert Bor is a certified and professional
Arizona realtor representing Choice Group Realty.
The Choice Group specializes in Metro-Phoenix
real estate. Contact Albert for more information
on Phoenix real estate or visit the Choice Group
at http://www.arizonachoicerealestate.com
|
