With home ownership comes the need to protect the property against the past, as well as the future. Each successive owner brings the possibility of title challenges to the property. Title insurance protects a policyholder against challenges to rightful owner-ship of real property, and challenges that arise from circumstances of past ownerships.
- A fire destroys only the house and improvements. The ground is left. A defective title may take away not only the house, but also the land on which it stands. Title insurance protects you from such loss.
- A deed or mortgage in the change of title could possibly be forged
- A deed or mortgage may been signed by someone underage, made by someone incapacitated or otherwise incompetent which would render it not valid.
- Title transferred by an heir may be subject to federal estate tax lien.
- A judgment or levy upon which the title is dependent may be void or voidable based upon some defect in the proceeding.
- By insuring the title you can eliminate delays when passing your title to someone else.
- Title insurance reimburses you for the amount of your actual losses, covered under the policy.
- Claims constantly arise due to marital status and validity of divorces. Only title insurance can protect against such claims.
I personally prefer to work with Joe Galarze from Equity title. For any of your title needs, Joe will work with you and help solve any issues that can arise. He will also point out any items that may potentially cause problems in the future. Joe and I have worked on many deals together and his friendship and professionalism are second to none. If you need to contact him, his number is 1-800-373-7500 x3005.
Russell Grether of Compass Real Estate is a real estate agent based out of Malibu, CA. He specializes in the listing and selling of Malibu real estate and surrounding area real estate from Montecito to the Pacific Palisades. Contact him today at 310.589.2471 or email him at Russell@www.malibuluxuryrealty.com to learn more.