Claims Covered by Title Insurance in Miami-Dade County

If you’ve ever purchased a home, chances are you have a general idea of what title insurance is, but do you really? To understand how title insurance works, it helps to understand some basic terms like “loan” and “mortgage.” Anytime money is loaned to an individual with real property as collateral (in this case your home), that individual must sign a legal contract that’s known as a mortgage. Title insurance can protect the person buying the house, or any lender who lends money toward the purchase of that home. What exactly does title insurance cover in this situation?

Title insurance will protect you from problems that may arise if the home’s previous owners had not settled all the legal issues pertaining to ownership and selling of the property. Protecting your money when buying any property is vital and since a home costs more than any other investment, knowing and verifying its status prior to purchase is paramount. Purchasing an owner’s policy provides buyers with “marketable title”, meaning that your investment interest in the home is covered from claims from the past.

What Does Title Insurance Cover?

It’s important to have title insurance because it protects your investment. If someone challenges your right of ownership, you could lose the money you invested in your property. A policy will pay for your attorney’s fees, court costs and any damages that are awarded.

Title insurance also covers losses due to existing liens against your home. Liens can be claimed by creditors on properties to collect debts owed. There can be liens against a property for unpaid loans, back taxes, mechanics’ bills and money judgments from lawsuits. A lienholder can find a way to take ownership of your property because you didn’t know about it at closing, title insurance will pay the amount owed on the lien plus interest, attorney’s fees and court costs. It will also cover any damage awards if you’re forced to move out of your home.

If someone fraudulently claims ownership of a home, title insurance will cover losses due to fraud as well as any previous transactions involving the property that was based on forged documents or false identities.

In addition to protecting property buyers, title insurance in Miami can be purchased by mortgage lenders as well; that policy protects their financial interest in the property. So if a mortgage lender has to foreclose on a home because of missed payments, they’ll still have an interest in the title and they’ll want to protect it—just like you would.

Do I Need Title Insurance in Miami?

In short, yes, we strongly believe you should have title insurance in Miami, FL and purchase an Owner’s Policy on your investment. Lenders require a Loan Policy, but that just covers their interest in the transaction. A Owner’s Policy is your assurance that you are the real owner of the property you are paying for and that the property is not encumbered from the past.

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