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Title insurance protects the buyer and lender from loss or damage arising from property ownership disputes. Topkins and Bevans weigh in on the specifics of title insurance in Waltham.
Act now to protect your home investment! Contact Topkins and Bevans in Waltham to discuss your options and secure a policy. Protect yourself from potential title defects and financial loss by calling their experts at (781) 890-6230.
In Waltham, MA, title insurance is required for most real estate transactions. You'll see it's needed in the purchase process for homes, condos, and commercial properties. Since this service is the bread and butter of real estate, Topkins and Bevans in Waltham share the ins and outs of this process in this city. Read on!Title Insurance Protects Ownership Rights
Title insurance companies have made themselves indispensable because they search public records. The goal is to protect the buyer and lender from potential loss or damage due to title problems. The same goes for liens, encumbrances, or other title issues arising before closing on the property. A professional title company will always work to ensure the title is free from any debenture, hurdles, or other concerns that could threaten ownership. For example, if a title problem is found on a property, the title company works to resolve it before the property gets sold. If a dispute arises after the sale, the title insurance company provides legal defense and pays for necessary repairs.There Are Two Types of Title Insurance
Owner's Title Insurance
This type of title insurance protects the buyer's ownership interest in the property. It provides coverage for the amount of the purchase price in the event of any disputes over ownership.Lender's Title Insurance
This title insurance protects the lender's interest in the property and covers the loan's amount. It's usually required by the lender and paid for by the buyer.To Sum This Up
Both types of title insurance are essential in ensuring the validity of a property's title. As a result, these services and efforts protect against any potential loss or damage. In some cases, and as mentioned earlier, the buyer may be required to purchase both owner's and the lender's title insurance.Please don't wait until it's too late; take control of your home ownership today. Dial (781) 890-6230 and get in touch with the title aces at Topkins and Bevans in Waltham! Their team is ready to guide you every step of the way.
One-Time Premium
As this section suggests, this is a one-time fee paid at closing. There's not much to worry about! Mainly because the cost of title insurance usually represents a small part of the total cost of the real estate transaction. The exact fee of title insurance in Waltham, MA, can vary depending on several factors, such as the following.- The value of the property
- The type of title insurance (the owner's or the lender's)
- Title insurance company selected.
Additional Fees Might Be Needed
In addition to the one-time premium, there may also be more fees to come in this regard. For instance, title insurance companies could conduct more procedures to complete the case.- Title search fees to conduct a public record search.
- Title examination expenses to reviewing title documents.
- Title closing costs to completing the sale
See If There's a Chance to Negotiate
It's important to note that title insurance in Waltham, MA, can be negotiable when it comes to premiums. This means that buyers can often arrange the cost of title insurance as part of the total real estate transaction. Some title insurance companies may also offer discounts for certain types of properties. Although most of the time, this only applies to newly constructed homes or condos.
Public Record Search
This step involves a review of various sources, including
- Property deeds
- Mortgages
- Liens
- Other legal documents on file with local and state government agencies.
In conclusion, the search aims to confirm that the seller has the right to sell the property. So, this can only mean that the property is free from any outstanding debts or obligations.
Final Takeaway
If you're about to either sell or buy real estate in Waltham, MA, you'll need title insurance. It's always better to have experts on your side looking out for you and keeping you from facing financial loss due to any defects in the title to their property.
It may seem unnecessary for most, but at least you'll have the certainty that your ownership rights are protected if the transaction goes south.
Protect your assets and peace of mind with title insurance! Topkins and Bevans in Waltham know how to safeguard property and finances from any hidden title defects. Call (781) 890-6230 to book a session with their title experts.
