The title search is inevitable. This is something you are bound to encounter as you move closer to closing. But why is Title insurance so important?
The title search is a review of the public record to verify a property’s legal ownership and identify whether legal claims exist against the house. Title insurance protects lenders and buyers from financial loss due to defects in the title of a property. Although this may sound strange it is very common. The most common claims filed against a title are back taxes, liens and conflicting wills.
Real estate transactions must have clear title to close. This ensures the property is free of liens or defects of any kind. It is tremendously important to the buyer that they are not purchasing a burdensome or litigious situation.
As you consider your home purchase consult Woodson Law!
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