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.
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.
Tips for Selecting the Right Title Company
If you plan to purchase a home soon, it’s essential to work with a Kentucky title company. They will perform a title search and make sure that the closing process goes smoothly. However, with multiple title companies out there, choosing the right one can be tricky. Here are a few tips for selecting the right title company.
- Look for experience. Just like you wouldn’t hire an inexperienced contractor to perform work on your home, you shouldn’t hire a title company without years of professional experience. The title company you hire should have a proven track record of performing closings for various properties. The more experience a title company has, the better job they can ultimately do for you.
- Choose a title company with a good reputation. Like other types of businesses, there are title companies with good and bad reputations. To ensure that your closing goes smoothly, hire a title company with a good reputation. One of the best ways to do this is to look at online reviews and testimonials. Read what previous clients have said about their experiences. Did they have an overall good experience with the company? Would they work with the company again? Additionally, if any family members or friends have recently used a title company, you may ask them for recommendations.
- Consider location. Some people make the mistake of hiring a title company before learning about their office location. Ideally, you’ll want to work with a title company that is located fairly close to your home. You will likely have to go to the office multiple times to fill out paperwork and you don’t want to travel too far.
- Select a title company with good communication skills. It’s also important to work with a title company that possesses good communication skills. They should be able to answer all of your questions effectively and return your messages in a timely manner. If a title company has trouble answering your questions completely or leaves you confused, it may be time to choose a different title company.
- Ask about fees. Closing fees can vary from title company to title company. Therefore, it’s wise to ask about these fees before deciding to work with a title company. A reputable title company should be more than willing to disclose its fee structure.
Who Needs Title Insurance?
When you are purchasing a house, there are many details and moving parts that must be considered. One of the most important considerations when purchasing a home is insurance. If you think that homeowner’s insurance is the only type of insurance you need to purchase, you would be wrong. With most common types of mortgages, title insurance is also necessary. Lender’s title insurance is usually included in most closing costs, but owner’s title insurance is also crucial. Closeline Settlements can help homebuyers understand this important type of coverage and who needs it. You may need owner’s title insurance if any of the following situations apply to you.
Possible Dispute With Heirs
If you know that the property you are purchasing has an existing or past dispute with heirs, you may want to consider buying owner’s title insurance. This type of insurance coverage will protect the title to the home you have purchased even if past heirs of the property sue for ownership. This often happens with properties that were in a particular family for many generations. This can also happen if there was a foreclosure on a property that was in a family for many generations.
Possible Tax Liens
If a piece of property had a history of tax issues, a tax lien could be uncovered at some point in the future. If you do not have owner’s title insurance, you could be held responsible for this lien. A title insurance policy from a Kentucky Title Company can be put in place to protect against this cost. The professionals at Closeline Settlements can advise you on these risks and how this insurance policy can protect you.
There is no way to determine if there had been any types of forgeries on the title to your property. However, if in the future, it is proven that something was forged, you will be put at a disadvantage as the current property owner. As unfair as it may seem, this could put you in a very vulnerable position unless you have a Kentucky Title Company on your side.
A quality title insurance policy will protect you even against claims of forgery on your title. Title insurance will supersede any types of claims or questions concerning your property.
You have worked hard to purchase your home or property. In order to ensure that the title to your property is always protected, Closeline Settlements can help provide you with owner’s title insurance.
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.