Blog
Avoid the Horror: The Spooky Risks of Skipping Title Insurance
Skipping title insurance* can lead to terrifying surprises that haunt you long after you've moved in. Thus, Topkins & Bevans in Waltham* reveal the cautionary tales of buying title insurance below.
Don't let your dream home turn into a nightmare! Protect your investment with title insurance today and dial (781) 890-6230 to hire the best title pros in the area: Topkins & Bevans in Waltham.
October is a month filled with spooky decorations, haunted houses, and the thrill of the unknown. But when it comes to purchasing a home, the last thing you want is an unexpected fright after closing the deal. One of the best ways to protect yourself from these potential horrors is by securing title insurance. In this blog post, we'll explore the various ways title insurance can save you from the spooky surprises lurking in real estate transactions.
1. Protecting Against Hidden Liens
When you purchase a home, you might think that once the sale is complete, you own the property free and clear. However, this isn't always the case. Sometimes, there are hidden liens on the property that the seller may not even be aware of. A lien is a legal claim against the property by a creditor who is owed money by the previous owner. If these liens aren't discovered before the sale, you, as the new homeowner, could be held responsible for paying them.
Imagine moving into your dream home only to receive a letter demanding payment for a debt you didn't incur. This is where title insurance comes into play. Title insurance protects you from having to pay off any hidden liens that weren't uncovered during the title search. Skipping title insurance will lead you to face a financial nightmare!
2. Guarding Against Fraudulent Claims
Real estate fraud is more common than you might think, and it can take many forms. One of the most unsettling scenarios is when someone falsely claims ownership of your property. This can happen if a previous owner or someone claiming to be a rightful heir comes forward with forged documents, asserting that they have a legal right to your home.
Without title insurance, you could end up in a long, costly legal battle, and in the worst-case scenario, you might even lose your home.
3. Correcting Clerical Errors
Even in today's digital age, mistakes happen. A clerical error in the public records can lead to significant problems when it comes to your property's title. These errors might include incorrect information about the property boundaries, the owner's name, or the legal description of the property. Title insurance provides coverage to correct these mistakes and any resulting issues, ensuring that your ownership is not questioned due to an error in the records.
4. Defending Against Boundary Disputes
Boundary disputes are another potential horror that can arise after skipping title insurance. These disputes occur when there is confusion or disagreement over where your property ends and your neighbor's begins. This can happen due to outdated or inaccurate surveys, conflicting property descriptions, or even the movement of natural landmarks like rivers or trees.
Title insurance can protect you if someone challenges the boundaries of your property. Believe it or not, your title insurance company will provide legal defense and cover any losses if the dispute results in a loss of property.
Skipping title insurance does not do any good. To avoid the scary surprises in real estate transactions, call Topkins & Bevans in Waltham at (781) 890-6230 to book an appointment to discuss your title needs.
5. Handling Unreleased Mortgages
Another frightening scenario that can arise after purchasing a property is discovering an unreleased mortgage. This occurs when a previous mortgage on the property was not properly discharged or released from the records. This can happen if the lender failed to file the necessary paperwork, or if there was an administrative oversight.
If you find yourself in this situation, it could prevent you from selling or refinancing your property until the issue is resolved. Title insurance covers the costs associated with clearing up unreleased mortgages, ensuring that your property is free of encumbrances when you decide to move on.
6. Avoiding the Haunted House Syndrome: Historical Claims
Some properties come with a long history, and not all of it is positive. In some cases, old claims or disputes over the property can resurface, particularly if the property has been passed down through multiple generations. These claims can be based on long-forgotten agreements, disputes over ownership, or even conflicts related to historical property boundaries.
Title insurance covers these historical claims, ensuring that they don't come back to haunt you after you've moved in.
Peace of mind is just a call away–secure your home with title insurance and contact Topkins & Bevans in Waltham at (781) 890-6230 to ease your home-buying experience.
