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 You
could be wondering why you need to get title insurance. As a matter
of fact, most people don't even know what title insurance is for.
They just think that it is something else that they have to pay
for when they are buying a house. Title insurance is all about protection!
Think about it, intelligent people don't ever take huge chances
on a lot of money just to save a little money.
It just doesn't make sense! What do I mean?
You can bet that when you borrow money to buy a house that the
bank is going to protect their interest by making sure that if there
is anything wrong with the title to the house, they don't get stuck.
You should be thinking this way as well. The bottom line is - if
something does go wrong - Let Someone Else Pay!
Who pays then, if not you?
When you are dealing with Weston Title and Escrow it means you
only deal with the best of the best in title insurance. The whole
idea is that if something bad does happen, then you want to make
sure that the title insurance company that you are dealing with
has the means to pay. So for your protection Weston Title and Escrow
only deals with multi-billion dollar underwriters like:
- Fidelity National Title Insurance Company
- Commonwealth Title Insurance Company
- Attorney's Title Insurance Fund (The Fund)
What could go wrong you ask?
Plenty! Let's talk frank…I don't mean to scare you but the
truth is - real estate can be a pretty complicated thing with a
lot of laws and "red tape" affecting the rights of a lot
of people and who has a legal claim to a particular piece of property.
Forgery, Wills, Fraud, Mental Incompetence, Marriage and Divorce,
Minors entering into contracts, Mistakes are all possible threats
to your title being free and clear of claims by others.
You should also be aware that the bank is going to be interested
in protecting their portion of the asset, not yours. That is why
you MUST protect your asset. If you don't and something happens
then you could lose your house and still have to pay for it or wind
up ruining your good credit.
Yes, you are right - none of these things are happy or fun to talk
about but that is what insurance is all about and always has been
- insuring that you do not suffer an unbearable loss.
Let me give you an example…
Let's say that you are going to purchase a home. You look around
and find the perfect place. The price for the house is a half a
million dollars. You have some cash in your pocket so you plunk
down 20% of the selling price or one hundred thousand dollars. You
and your family move in - you are just ecstatic. Friends come over
to the house during the house warming party and tell you how beautiful
everything looks. You think everything is fine as you settle in
to your new house and it begins to feel like a home.
Then something terrible happens…
You hear people opening the front door. They come barging into
your home yelling, "What are you doing in my house!" You
see…it is their house and they can prove it. "How?"
you say. Because, during the summer they went away on vacation for
a few months - while they were gone, some con artists broke into
the house and took it over. They got some fake identification made
up, called up a Realtor and said they would like to sell their house.
Trouble is they do sell it…TO YOU!
Your ecstasy turns to tragedy in an instant and now you have
got huge problems…
Who is going to pay for the real estate lawyers…you? If only
you had taken out that title insurance when you had the opportunity
you would be sleeping a lot better right now. Say goodbye to $100,000.00!
Say hello to a whooping note of $400,000.00 that YOU are still responsible
for!
"Come on, does that really happen?" You better believe
it does - that and a whole lot more. You would be foolish not to
protect yourself from the myriad of things that could and does happen
when dealing with such large sums of money. There is an old saying
that you have heard many times before - "Buyer beware!"
When it comes to buying a house a better saying is "Buyer be
protected!"
If you didn't know before, you certainly should understand now
that title insurance is a MUST and is well worth the money you'll
spend. In return for that money you will get a lifetime of protection
and peace of mind. Because as long as you own the property - you
are protected and you will be able to sleep well at night knowing
that if something does happen - you won't be the one stuck holding
the bag!
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