Title insurance is not just for first-time homebuyers, it is something ALL potential new homeowners should purchase; every time with every home purchase. Without title insurance, you risk losing your new home or being burdened financially fighting to it should an issue arise.
If you are purchasing your new home through a mortgage lender, you will be required to purchase title insurance. But even if you are purchasing your home without financial assistance, it is important that you don’t forget this very important step.
Everyone wants a quick closing but having the extra step of a professional title search will be worth the peace of mind. But how long does the title search process take? The answer can vary on what is found during the title search. Here our national title experts explore in general how you can expect the process to go; keep reading to be prepared for the closing table.
Why You Need Title Insurance
Title insurance is one of those purchases that you never think you need until you need to use it! Title insurance protects an owner from unexpected problems with their home purchase that can turn into a huge financial burden or deed/title issue. These issues generally arise after closing.
Typically, these unexpected problems that arise after closing are due to undiscovered former liens, forgery, or the appearance of unknown heirs claiming the house is theirs. Title insurance, which is required by a mortgage lender, will protect the new homeowner from any of these issues that may arise.
The insurance and guarantee of having a clear title are based on a thorough title search that is conducted by title professionals who scour public records to find any and all lost heirs, defects, liens, levies, encumbrances, etc.
While You’re Here > How Errors In Public Records Can Impact Your Title
Clean and Clear Title
What a novel concept…
When a professional title inspector starts the process of searching public records, they will start looking through records about your new home’s title to find and locate any potential issues.
If the information is readily available in public records and they find nothing wrong in the property’s history, the title inspector will deem that the title is “clear”. This process can take as little as two weeks.
The Curing Period
But not every search comes back with a clear title. When this happens, the timeframe for getting title insurance is longer and varies depending on what the specific details are with the title issues.
All property data is now filed in public records, which makes accessing them easier, but sometimes these title records can have errors or forgeries that now affect the state of the records. Or sometimes, especially with older homes, titles may change quickly or inaccurately amongst heirs and be overlooked.
When a title agent does find these issues, the next step is to remedy these unresolved problems; this is called the “curing” period. In this period, the title agent will work behind the scenes to “clear” the title.
If a lien has been found, the title agent will work to find proof that it was paid off or arrange for it to be paid off. If an heir is discovered, they will contact the heir and work through the process of making sure they have a claim to the property or work on documenting the revocation. Together with your mortgage professional and real estate agent, we make a team that is completely dedicated to making sure you can close on your new home without issue.
Protect Your New Home with Title Insurance
Congrats on buying a new home. We know that homeownership is a big deal whether you’ve bought in the past or this is your first time purchasing a property. Your title search (we hope) will come back clean in just a couple of weeks. But if you must wait an additional couple of weeks to have the title cleared, you can be assured you have the security and insurance to keep your new house without the financial burden of fighting for it in court!
Make sure your home is protected from the past and in the future with title insurance. If you are looking to purchase a new home, contact True Concept Title at 813-263-7168 to start the title search and insurance process!
