Ask Gina About Title Insurance- Part 1Ask Gina About Title InsurancePart 1What the heck is title insurance? I have homeowner’s insurance for my new Loudoun home – is that the same thing? What does it cover anyway?Title insurance is a one-time charge that covers a wide range of possible issues that may crop up at any point from the day you purchase your Cascades townhome until long after you have sold it and moved to your Lansdowne executive home and even into that cute little Del Webb active adult community….yes, one charge covers you for good.Ok covers for what?
- · Errors in Public Records- Clerical or filing errors could affect the deed or survey of your property and cause undo financial strain to resolve.
- · Unknown Liens- Prior owners could have accumulated debt that, although not your own, could cause banks or other financial companies to place liens on your property even after you have closed on the sale.
- · Illegal Deeds- It is possible that a prior deed was made by an undocumented immigrant, a minor, a person of unsound mind, or one who is reported single but is actually married. These instances can affect the enforceability of prior deeds, affecting previous (and possibly present) ownership.
- · Missing Heirs- When heirs are missing at time of death or family members contest the will for property rights, your right to the property can be affected, even long after your purchase.
- · Forgeries- Forged or fabricated documents that affect property ownership can jeopardize your right to your home.