It’s more important than you might think.
Though heirs coming out of the woodwork to lay claim to the family home might seem like something out of a novel, it does happen. When something like this occurs, the homeowner needs to be prepared to defend his or her claim on the home. That’s where title insurance comes into play. Below is an explanation of what title insurance is, how it works, and why it’s a vital part of buying a new home. Keep reading to learn about this indemnity and how it protects you.
What is title insurance?
Whenever ownership of a property is transferred from one person to another, a record of the transaction is made and kept on file in public archives. This is known as the transfer of title. Similarly, records are also made of any events that could affect the ownership of a property, such as liens or levies.
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