Is Title Insurance Really Necessary?

Title insurance is something that most people purchase when they get a mortgage. Most homeowners are confused as to whether they actually need title insurance or not. Here are a few things to consider about title insurance and whether or not you need it.

Title Insurance

Title insurance is an insurance policy that you purchase from a title company when you buy a piece of property. While it may seem like an unnecessary expense, it can definitely help you in certain situations. If there are any liens or judgments against your property that no one knows about upfront, the title company is going to step in and pay for these to be remedied if you have insurance. If you do not purchase title insurance, there is a good chance that you are going to have to come up with the money to pay any judgments on a property even if they were not originally yours.

Should You Buy It?

It is usually a good idea to purchase title insurance. For a small amount of money, you are going to be able to ensure that there are no potential problems with your property. The peace of mind as well worth the price of the premium.

Quiet Title

Quiet title is a term associated with a judicial ruling that states that, in certain circumstances, one individual will have sole ownership of a piece of property even if there were originally several other claims to the same property. This term comes from the idea that the ruling is quieting all of the other claimants to the property. In order to obtain a quiet title ruling from a local court, you will have to be able to prove that you have a significant claim to the property. The judge will then look at the evidence and decide whether you should be the owner.

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