by Taylor Allewelt
Image: Alayna Henby
As more and more millennia are growing older and discovering how “adulting” works, they are finding themselves having to overcome new obstacles. These obstacles were once thought of as something only their parents would have to do. Not anymore, it is their turn to take the torch and become the head honcho in their lives. As a first time home buyer and even as an experienced one the process can be a bit sticky and may need some navigation. That is why title agencies were formed with professionals who can make the process easy and manageable while protecting you from any variable that could upset the home buying process.
Before beginning my career with a Title Agency I was just as oblivious to the home buying process as any first time home buyer. It was through my experience working at the agency that I started to realize the importance of hiring a title agency. A Title Company’s mission is to make sure that any piece of real estate is legitimate and has all the proper documents to hold the contract up. The Title Insurance purchased through the company protects the lender and owner against feasible lawsuits and claims against the property. This means that any mistakes made in the chain of title will not affect the new homebuyer and will be adjusted with the right forms of documentation to ensure that these mistakes will not encumber the new buyer’s rights to the property. Let’s say you buy a property and a few years later you find out that the Seller didn’t actually own the property – either because they were trying to deceive you, or some transfer of ownership in the past was not carried out properly. In this situation you could find yourself without a home and still owing money on the property. Title Insurance is there to protect you from any case that includes fraud or misleading information that may lead to losing your home and/or owing extreme amounts on the property.
Title insurance protection is significantly different from other lines of insurance. Typically, other types of insurance assume a particular risk and provide financial indemnity in the event the risk occurs. Title insurance, on the other hand, emphasizes loss prevention by eliminating risks caused by title problems arising from past events. Approximately 25 percent of all residential real estate transactions have issues with the title – issues that are resolved by title professionals before closing. (Vardhan, 1.3) Having a mind that is at rest, especially during the stressful time of purchasing a new home, will allow you to be able to relax and know that your home will remain your home. Any damages, unknown variables and fraudulent cons against your home will be taken care of by professionals. If any risks do arise after you bought your home, the attorney fees that may accrue with resolving such a risk are covered by your underwriter. They provide attorneys for these special situations. So next time you’re thinking about buying a home and are debating the costs of paying a title company you need to think of the long-term benefit. A title company saves you time, does the research and protects your home against past and present variables. They also consolidate your information needed into final buyer’s docs and will keep them in a secure archive so that you can always call if you have any questions. All finances will be listed out so that you know where your money is going during the purchase. They will also assist in ordering surveys, home inspections and anything else that you may need to purchase the home. It really is home buying made easy.