There are many factors to consider before making the decision to purchase your first home. Besides calculating how much you can afford, the neighborhood you wish to live in, and your Realtor – you must also consider protecting the investment you are about to make. And since purchasing your first home can be quite an emotional process, ensuring you are making a sound investment is key and will keep you grounded along the way. This is where Title insurance comes in.
What is Title Insurance?
Title insurance, most commonly, is an insurance policy that is purchased to protect the owner and the property, usually land, from claims against the owner of the property. In other words, Title insurance will cover you if someone claims you do not own a property.
Depending upon the specific Title insurance policy, you can be compensated for all procedures to prove your ownership of said property. Such procedures include hiring an attorney for the defense and court proceedings. Also depending upon the policy specifics, Title insurance will pay for the fees related to such procedures and reimburse you for the money spent if you win the case.
Why Title Insurance is Important When Buying a House?
When buying a home, you want to be confident that it is safely yours. But even the most diligent search of the public records could fail to disclose several title defects. These include a forged will or deed, a title transfer by someone underage, fraudulent impersonations, secret marriages, undisclosed heirs, invalid divorces, and false affidavits. These are just a few of the problems that can suddenly surface.
Without the protection of Title insurance, you will be in jeopardy of losing your investment. Consequently, having a Title Insurance Company that helps you protect and mitigate any risk of defects before acquiring the property would be the safest choice.
The Benefits of working with Curry County Abstract & Title Co.
Curry County Abstract & Title Co. serves all your Title insurance requirements throughout New Mexico. While supplying complete Escrow Services, we also offer Title insurance for the security of the new land and home buyer. In addition, we thoroughly prepare and deal with all the final closing details with fast and precise service.