October brings falling leaves, pumpkin-spiced everything and plenty of Halloween thrills. But as you prepare for costumes and jack-o’-lanterns, you also want to ensure your real estate investment remains spook-free.
Imagine this: You’ve moved into your dream home, only to face a chilling knock on the door. A dreadful pre-existing lien from the previous homeowner haunts your property, becoming your nightmare to resolve.
But before despair sets in, you remember your safety net—title insurance. However, there’s a twist: you opted for a Lender’s policy, skipping the Owner’s policy to save on closing costs. Now, you’re caught in a spine-tingling predicament.
Here are four scenarios where Owner’s title insurance rescues you from real estate horror:
- Ghostly Intruders (Boundary Busters): Picture this: Your neighbor has constructed a shed, garage, pool, driveway or some other structure that spills over your property like an eerie fog. With an Owner’s title insurance policy, you have a guardian against this ghostly invasion. With an approved boundary survey, the policy will help you navigate the boundaries of your property, protecting your ownership rights.
- Haunting Family Secrets (Hidden Heirs): In the dark corners of real estate, hidden heirs can emerge like long-forgotten spirits. It’s possible that the previous homeowner passed away or a family member (or ex-spouse) with rightful ownership wasn’t notified of the sale. Without an Owner’s title insurance policy, you could find yourself tangled in a legal web, facing the possibility that your property was acquired illegally.
- Phantom Liabilities (Unpaid Taxes): Tax troubles can be the subject of nightmares. Imagine thinking you’ve settled all your property taxes, only to discover that the tax collector’s office provided incorrect information, omitting or miscalculating the amount owed. Without Owner’s title insurance, you’ll be the one bearing the financial burden of this mistake, not the county or the title company.
- Cursed Loan (Mystery Mortgage): Like unexpected apparitions, hidden mortgages can lurk in the shadows. A title search might not reveal another mortgage on your property until after the closing. This spine-chilling discovery can leave you with an eerie debt you never saw coming.
While title companies strive for smooth property transfers, unforeseen events can occur. The lesson here is to protect your property and yourself with Owner’s title insurance. Unlike most insurance policies, it’s a one-time premium rolled into your closing costs. Don’t let uncertainty haunt your homeownership—be sure to secure your property.
For peace of mind, choose Continental Title Company for your title insurance needs. Don’t leave your property’s protection to chance. Safeguard your real estate dreams with us today because, in real estate, it’s better to be safe than spooked!