Your questions, answered.
Navigating the world of Title Insurance can be confusing.
We certainly don't blame you if you didn't even know what Title Insurance was until you began the closing process on your home.
Title insurance is an often overlooked, yet critical, component of the closing process. Your title insurance company will also play a vital role in the coordination of a successful transfer of ownership. Taking care to educate yourself about the people, product, and service will help you choose a title insurance provider that you can be confident will guide you to closing with ease.
What is Title Insurance?
Title insurance issues protection against potential claims to your property based on defects in your deed. Title insurance companies will defend against these claims protecting your right to own your property and shielding you from potential financial loss - or worse - the total lose of your property.
Why do I need Title Insurance?
While we are preparing your transaction for closing, we will examine the title to your future property and look for defects in the documented history. If we find defects, we will make certain to remedy the issue and clear your deed for closing.
However, there are still case scenarios where better claims to the property in question arise long after you have moved in. Title insurance protects your right to own your property by defending against these claims and paying out the damages that may arise from such claims shielding you and your family from loss.
Furthermore, your lender will also have a title insurance policy which we refer to as a "Lenders Policy." Your lender will take no chances on their claim to your property and you shouldn't either.
How much does Title Insurance cost?
Unlike your automotive insurance policy, a title insurance policy is paid for one time during closing. The cost of protection can vary and is based primarily on the value of your home. However, title insurance premiums are regulated by the State of Virginia.
Where you may experience a difference in cost between title insurance companies is with regard to additional fees related to closing your property. We take great care to be mindful of your purchase and provide the best possible service at the most affordable price we can.
How long do I benefit from my Title Insurance coverage?
The idea of not being covered by a title insurance policy would have enough consequence to keep anyone up at night. That is why your policy covers the entire time of which you own your property. Your policy is even extended to your heirs.