Buying real estate is not easy. Even if individuals have purchased homes before, rather than feeling more confident in the process, they likely understand just how difficult it can be to complete a real estate transaction without facing setbacks. Whether you are a first-time homebuyer or have purchased in the past, it is important that you protect yourself.
One important way to protect your interests in a real estate transaction is to purchase title insurance. Like most types of insurance, this coverage can protect you from certain financial losses in the event that something is amiss with the title of the property.
Look at your title
Before purchasing any property, ensuring that it has a clean title is a must. Of course, some sellers may not always present truthful information and could even forge a title, or a title may seem clean on first assessment but issues could later rear their heads. For example, it is possible that the property could have a lien from another party or have title defects.
What should you look for?
You may have ended up facing issues with the title on a past purchase or you may simply want to ensure that you do not face serious issues with an upcoming purchase. In either case, you understand the importance of title insurance. Even if a real estate transaction seems to be going smoothly, anything could happen, and insurance can work to your benefit. Some issues that your policy could help cover include the following:
- Defective record-keeping
- Third-party ownership
- Judgments or liens against the property
- Incorrect signatures on documents
- Forged or fraudulent documents
- Restrictive covenants that hinder the use of the property
Of course, you want to have the right title insurance to ensure your best interests during this transaction remain at the forefront.
How can you get insurance?
It may not be your first thought, but an Ohio real estate attorney can help you obtain the title insurance you need. A legal professional can go over the details of your situation and help you avoid possible negative fallout from issues that may arise with the title of a piece of property. Because an attorney understands the ins and outs of this area of law, you may have the ability to gain even more information on how title insurance could benefit you than you first imagined.