• What is title insurance and why do I need it to buy my Loudoun real estate?

        As a buyer of NOVA real estate, one of the decisions you will have to make is whether to purchase title insurance or not.  Don’t wait until the settlement table to make this important decision.  Our friends and colleagues at Champion Title (with offices throughout Northern Virignia, including Ashburn, Leesburg and Sterling) have put together a good FAQ answering many questions you may have:

        A title insurance policy guarantees that the title to the property is free of “hidden” liens, hazards or human errors. When title insurance is purchased an experienced title examiner performs a comprehensive search of the public land records to determine if any liens or other encumbrances are attached. Although this search is intended to report all material title objections, there is always a chance that the substantial issues may go undetected. For example, an unknown heir of a previous owner who has a valid claim against the property, unrelinquished marital rights of previous owners, or invalid signatures. An Owner’s policy protects your interest in the real property against such unforeseen threats to your ownership.

        To protect against risk, a lender will require assurance that the title to the property is clear; and this is done through the issuance of a loan policy. The lender’s policy covers the lender only, while the buyer is unprotected without the issuance of a separate owner’s title insurance policy. 

        For a one-time premium, paid during the closing process, an owner’s title insurance policy protects against future losses arising out of events that may have happened in the past. Your policy serves as a written guarantee that your underwriter will undertake, at its own expense, the defense of your title in all legal actions or proceedings alleging title to be other than as insured.  

        For more information about whether or not title insurance is right for your new home in the Sterling area, reach out to Loudoun’s Best Realtors at Ask Gina & Company: 703-574-3478