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BRIEF BYTES: Question and Answer
Forum
The purpose is to answer frequently
asked or unusual questions. Topics will range from real estate,
business, litigation and trusts and estates. Your feedback
is appreciated. Direct your comments to Cherisse Roy at croy@scott-harris.com
Question: Isn't the need for title insurance outdated?
Response from Rick Barra,
Esq.:
 What
if you saved for years to buy the home of your dreams, only
to find out 10 years after the purchase that someone else
"really" owns your property? Many people don't understand
the need for title insurance and resent paying the premium.
You would never dream of going without fire and hazard insurance.
But without title insurance, a problem back in your chain
of title could result in a total loss of your property.
Our firm has handled title insurance claims for years. We
see these matters frequently.
Title insurance protects your investment (up to the amount
of the policy) against defects in the chain of title to your
property. Your claim of ownership in that new house could
totally fail if the notary neglected to notarize the signature
of one of the grantors on a deed executed twenty years ago.
Title insurance also protects against actual fraud in conveyances
(such as forgery on a deed).
Deeds using invalid powers of attorney; missing witnesses;
"wild" deeds; judgments against prior owners that
attach to the property; unsatisfied mortgages; code enforcement
liens; errors in legal descriptions; unpaid taxes; homestead
issues; unresolved probate matters, these are some of the
problems we have seen. Without title insurance, the property
owner must defend his or her own title against these claims,
even though the property owner is totally innocent and had
no knowledge of these matters.
Title insurance offers protection to cover your most important
investment and assures that your dream house doesn't turn
into your worst nightmare.
To Contact Us, call (561)
624-3900. Or fax
(561) 624-3533. To correspond online, please fill
out our contact form with your comments.
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