Kentucky Title Company
If you are looking to purchase title insurance, it is time to get in touch with a Kentucky title company. This type of insurance protects your property from past title issues, such as liens and forgeries. Here is a helpful guide for title insurance:
Types of Title Insurance
There are two types of title insurance: lender’s and owner’s. Lender’s title insurance protects the mortgage lender, but the homebuyer has to pay for it. However, if you pay for your home in cash and do not need to borrow money, you won’t be required to purchase lender’s title insurance. The policy guarantees that the lender will be protected if there is an ownership claim on the property.
An owner’s policy, on the other hand, protects the homeowner from legal and financial issues should an issue with the title arise.
The Cost of Title Insurance
While the cost of title insurance will vary based on location and how much you’re paying for a home, the average price for a policy is $1,000. The price might seem steep at first, but you must remember that you will only have to pay it once. Unlike other types of insurance policies, title insurance requires just a one-time payment.
Why You Need Title Insurance
Some home buyers may think of title insurance as an unnecessary purchase. However, it is anything but unnecessary. It is completely worth the investment. Even if a Kentucky title company performs a title search, some issues may get overlooked. For example, an unknown heir could come out of the woodwork years later, jeopardizing your ownership of the home.
If title issues arise after you have purchased the home and you do not have insurance, you will be financially responsible. For example, if the previous owner of the home had outstanding debt and creditors put a lien on the house, you would be responsible for paying for that. Purchasing title insurance can help you avoid that burden and give you a peace of mind.
Where to Get Title Insurance
You can purchase title insurance from a title company. If any of your friends or family have recently purchased a home, ask them for recommendations. It is a good idea to contact several title companies to ask them for quotes.
If you are ready to purchase title insurance, schedule a meeting with a Kentucky title company. Contact Closeline Settlements today.