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The Importance of Title Insurance and Deed of Trust

February 15, 2012 | Comments: 0 | Views: 128

The task of buying a home is no small one and the job is not really over with just getting your mortgage finalized. When you buy your home, the first thing you have to be sure of is that there are no issues with the title of the home and that the seller is actually the owner of the property. If there are issues that crop up with title insurance, then you will not be able to enjoy your home completely and it will definitely affect the resale value of your home. So how do you go about a title search?

Once your sales contract has come through, approach a title professional who will scan through public records and find any issues that may be related to your home. What this search will generally entail is a review of all land records for the property that go back to as many years as available. This search will bring out details such as a previous owner defaulting on the payment related to the construction of a part of the house or an extension to it. If there have been an issue of property taxes or any other governmental taxes not being paid, then that will come up at this point. The title professional you hire will work towards solving all these problems before you actually settle on the house. Such investigation is actually important if you are looking at refinancing your home.

There are times when minor issues with the owner's title policy are not matters of public record and can come up some other way. In such cases, you can give yourself a bit of immunity by getting the Owner's policy of title Insurance to protect you for any such trouble that can come up. Some of the problems that could come up can be related to any mistakes that may be there in the deeds themselves, any issues that have arisen from mistakes in examining of records, forgery or any sorts and the sudden appearance of undisclosed heirs.

The premiums for Title insurance are based on the dollar amount for the coverage that is needed provided. Every title insurance organization has to file its schedule of rates, forms as well as rate modifications with the Insurance Commissioner. This has to be done at least a month before those particular rates are put to use. All of these rates are then available for public viewing in the city that you are residing in.

Welcome to Excalibur Title & Escrow, We provides real estate settlement services in the State of Maryland. Excalibur offers a full spectrum of Maryland Deed of Trust real estate settlement, title, escrow, and closing services. Our settlement pre-closing and post-closing teams can handle any variety of residential and commercial closings in any of the states in which we are licensed to conduct settlements of Maryland Title Insurance.

Source: EzineArticles
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