Obtaining title insurance may be a money saver

On Behalf of | Apr 16, 2021 | Business Formation, Real Estate Law |

Buying a home is one of the biggest financial transactions most Ohio residents will make. As a result, some may think twice before spending money on choices that are optional during the purchasing process. Some prospective owners may hesitate before obtaining title insurance when buying a house, but the benefits of taking on this safeguard may far outweigh the monetary costs of obtaining the insurance. 

Without title insurance, property owners could be financially responsible for certain claims associated with the property, which could end up costing much more than an insurance policy would have. 

Some other problems that this type of insurance could protect property owners from include: 

  • Incorrect records relating to the title 
  • Fraudulent or forged title documents 
  • Claims of ownership from outside parties, such as heirs of the previous owner if that owner has passed away 
  • Lawsuits associated with the property 
  • Easements or other right-of-way agreements made that reduce property value or restrict property use 

It can be difficult for some people to see the value in purchasing insurance for an event that might not take place. However, expecting the unexpected is the purpose of title insurance, and though prospective Ohio homebuyers may never have to call on their policy, it would likely bring a great deal of relief to have the safeguard in the event that a title issue does arise. Before discounting this protective option, buyers may want to gain more information on this type of insurance. 

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