Title insurance companies are some of the most important professional service providers you can deal with during the home buying process. You cannot complete the escrow process without the assistance of a title insurance company. Although your lender may recommend a good title company, and you might not give it a second thought, the job they will perform is of the utmost importance.
Home buyers need title insurance companies to protect them from financial losses due to defects in the property’s title. A title company will charge a moderate one-time fee, and in return they will provide the protection of a title insurance policy that is backed by the reserves and solvency of the company. A title insurance company provides these policies to cover claims from title problems discovered in the public records, as well as non-recorded defects that could not be discovered in the public record.
A good title insurance company will not only protect the home buyer, but it will also protect the seller, lender, broker, and even the builder in the case of new construction. The title company should not only satisfy any valid claim made against the title of the newly purchased property, but they should also pay for the costs and legal expenses of defending against a problematic title claim.
Home buyers may be required to work with title insurance companies, since lenders and brokers wouldn’t work with them otherwise, but anyone who knows what they can do would not be caught dead without one.
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