One of the most important reasons to get buyers title insurance is to have a team of experts that can find any documents exposing potential hazards that are present in the home’s title. Here are some documents that, if not found, could pose problems that would become the buyers’ financial responsibility:
* Deeds, wills and trusts that contain improper wording or incorrect names
* Easements that allow construction of a road or utility line on or near the property
* Incorrect notary acknowledgments
* Liens against the property from the seller not paying their taxes
* Outstanding mortgages and judgments
* Pending legal action against the property that could affect the buyer.
With buyers title insurance, this search and examination will be completed firsthand to avoid any problems that could become the buyers financial responsibility. Even the most careful preventative work and the best buyers title insurance cannot locate all hidden title hazards.
Some examples of hazards that could become the buyers financial responsibility include:
* A forged signature on the deed
* An unknown heir of a previous owner who is claiming ownership of the property
* Instruments executed under an expired or a fabricated power of attorney
* Mistakes in the public records.
Buyers title insurance offers financial protection against these and other covered title hazards. The buyers title insurance company will defend against any attacks on the title during the escrow process, and they will either fix the title or pay valid claims, all for a one-time charge. Before closing, it’s important to ask about buyers title insurance, to protect the home.
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