What You need to Know about Title Insurance

ISLAMORADA, Fla. - Nov. 28, 2016 - PRLog -- Per Jan Keller, Top Producing Real Estate Agent for Coldwell Banker Schmitt Real estate and owner of Kellerporterteam.com-Everything about Real Estate in Islamorada and the Upper Keys,"So what is title insurance and why is it important? Title insurance provide protection on your house against someone else who discovers title defects in the future.

Okay, but if you already bought a home and the title search revealed no problems, why is it still needed? Well, because eventually, the property will no longer be in your name. You might sell in the future or upon your death, it could be sold or inherited. Whatever the case, when residential real estate changes owners, a title search is conducted. Not all searches will reveal every defect and this is why title insurance is necessary.

Also, even if the home is new construction (even if it's under construction), you still need title insurance. Why? Well, because the land isn't new. It's very likely the land had one or more different owners in the past and this is why title insurance is necessary for new construction.

Aside from it being a smart asset protection tool, it's also required by mortgage lenders. This is because lenders are lienholders and want to guard against any surprises if you default on the loan.

One great thing about title insurance is that you as the buyer, are able to choose which company you purchase the policy. (You can ask your mortgage broker or real estate professional for recommendations.) What's more, relatively, it's not expensive and is typically part of the closing costs. So, you might have the option to roll your closing costs into your home loan.

To save money on title insurance, simply do what you would do if you were purchasing another type of policy or product. Shop and compare from different companies and look carefully for hidden fees. Here again, you can ask your real estate professional for advice and what fees to look out for when choosing title insurance.

In addition, there's always a possibility of receiving discounts on title insurance, just like you can do with homeowner's and auto policies. Weigh the discounts and policy coverage and limits to make the right decision.The bottom line is, you need title insurance because it's not only required, it's too large of a risk to take on your own.

For more information about Homes for sale in the Upper Florida Keys, please contact Jan at http://www.islamoradajan.com