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“Do we REALLY Need Title Insurance?”

This is a question we get occasionally when home buyers are starting to add up the different costs involved in buying a new home.  Almost always, when they understand what it is, they buy a title policy.   

What we often times call the ‘title company’ is a combination of a notary service, a private, remote, recorder of deeds, a transaction closing service, and an insurance agency (ours has snacks and refreshments too :-).   

Being an insurance agency is really their business, since the other things they do are largely incidental.  The insurance offered known as title insurance covers the home buyer for anything that can happen BEFORE the sale that might affect the ownership of the home after closing.  

Most home buyer's would be at a loss to figure out what types of problems could exist, believing that all the paperwork they sign at closing PROVES their ownership.   If only it could be so simple.   

These are the top items that can cause problems for a homeowner:

1.  Mechanics Liens -- any contractors not paid for work have a period of time to file a lien on the property if they aren't properly paid.  One would think that the expense would follow the name of the person ordering the work, but in the law, the lien is placed on the property, regardless of who ordered the work.

2.  Unresolved Wills or Heirs  -- if in the past, your home was owned by a decedent, and a will was discovered after death, or an heir to the property was somehow missed in the process of transferring the home ownership, you may be in for an unexpected legal challenge.   Unfortunately its not something that get's resolved with a phone call.  

3.  Survey Issues -- purchasing a survey when you buy doesn't guarantee that other properties or encroachments don't exist.  Boundary disputes can occur.   

4.  Unknown Liens -- judgements, old mortgages, and other types of liens can be found, sometimes years after a sale takes place.   

5.  Forgeries & Errors -- Public record documents are subject to error, and even worse, forgery.   

6.  Undisclosed encumberances  -- if someone has certain rights to your property that weren't disclosed, this can be a problem.

 

While most of these issues may be able to be resolved, having the time, money and 'know how' to do it yourself could be a mess.  Knowing you have the backing and protection of a financially rated insurance company allows the home buyer the peace of mind and protection of knowing that once they make a purchase, their ownership will be protected.  

Estate Homes in St. Louis

7575 Skullbones  Road, Dittmer image
7575 Skullbones Road, Dittmer $1,190,000

WOW! Welcome to this personal recreational oasis on 22+ acres. Historical Camp Skullbones was developed in 1931. Nestled between beautiful Skullbones Creek & wooded rolli...

  • 9 Beds
  • 9 Baths
  • 22042422 MLS
  • ACTIVE Status
117 Edgewood  Drive, Cape Girardeau image
117 Edgewood Drive, Cape Girardeau $1,790,000

ICONIC, ONE-OF-A-KIND architectural masterpiece! This John Boardman design, woven together with stylish owner-added features, exemplifies beauty and historic detail that ...

  • 6 Beds
  • 7 Baths
  • 22039953 MLS
  • ACTIVE Status
17304 Hidden Valley  Drive, Wildwood image
17304 Hidden Valley Drive, Wildwood $1,849,000

Custom-built 10,954 sq ft Georgian Colonial situated on a spectacular 11-acre lot overlooking the Meramec River valley. Impressive 2-sty marble foyer highlighted by dual ...

  • 7 Beds
  • 9 Baths
  • 22034570 MLS
  • ACTIVE Status
19105 Towering Timber  Court, Wildwood image
19105 Towering Timber Court, Wildwood $1,000,000

This Queen Anne style Victorian 1.5 story home has been freshly painted a neutral color, if you have looked at it before make sure you take another look! The home is situ...

  • 5 Beds
  • 8 Baths
  • 22034317 MLS
  • ACTIVE UNDER CONTRACT Status
10450 Vineyard  Drive, Rolla image
10450 Vineyard Drive, Rolla $950,000

A VILLA ON VINEYARD! ENTER THROUGH DOUBLE DOORS INTO VAULTED FOYER WITH CURVING STAIRCASE & IMPRESSIVE BACK OF STONE FIREPLACE. HEARTHROOM HAS ONE WALL OF GLASS FRENCH DO...

  • 4 Beds
  • 7 Baths
  • 22027317 MLS
  • ACTIVE Status
7575 Skullbones  Road, Dittmer image
7575 Skullbones Road, Dittmer $1,190,000 ▼

WOW! Welcome to this personal recreational oasis on 22+ acres. Historical Camp Skullbones was developed in 1931. Nestled between beautiful Skullbones Creek & wooded rolli...

  • 9 Beds
  • 9 Baths
  • 22025217 MLS
  • ACTIVE Status
8624 Nealy Ln., Edwardsville image
8624 Nealy Ln., Edwardsville $1,650,000

LAVISH ESTATE W/PANORAMIC VIEWS! This 5 bed, 7 bath home offers EXTREME HIGH-QUALITY craftsmanship & thoughtful design throughout. From the rich hardwood & Travertine til...

  • 5 Beds
  • 7 Baths
  • 22023526 MLS
  • ACTIVE Status
2447 Hwy N, Bismarck image
2447 Hwy N, Bismarck $2,900,000

Rare opportunity to own one of the most magnificent properties in the area. Every inch of this farm, home & buildings has been custom built ! A beautiful gated entrance l...

  • 5 Beds
  • 7 Baths
  • 22006489 MLS
  • ACTIVE Status
7030 E 875th St., Macomb image
7030 E 875th St., Macomb $1,100,000 ▼

Secluded park like setting with large brick home on 40 acres. Enjoy the view from the multi-level deck overlooking the beautiful countryside. Mature trees. The circle ...

  • 7 Beds
  • 8 Baths
  • 21088522 MLS
  • ACTIVE Status
19 Lakeside, Washington image
19 Lakeside, Washington $1,750,000

As seen on Fox's reality TV show, "American Dream Home", elegance and excellence are a few of the many adjectives that describe this one-of-a-kind property in Franklin Co...

  • 5 Beds
  • 7 Baths
  • 21063851 MLS
  • ACTIVE Status
7 Hillside  Court, Wentzville image
7 Hillside Court, Wentzville $20,000,000

This one of a kind English Country Estate feels worlds away but is in easy proximity to St. Louis Lambert International Airport and Spirit of St. Louis Business Aviation ...

  • 7 Beds
  • 13 Baths
  • 21027381 MLS
  • ACTIVE Status
6889 Hwy F, Farmington image
6889 Hwy F, Farmington $1,200,000

This EXQUISITE Property- The "Old Orchard Inn" now available for sale. Inn was Completed in 2010 and Features Reception Room with Fireplace, Kitchen, Bathrooms and 2 B&B ...

  • 5 Beds
  • 9 Baths
  • 21054390 MLS
  • ACTIVE UNDER CONTRACT Status
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Premier Realty Exclusive has provided the above Real Estate Encyclopedia for informational purposes only. Any legal matters discussed are provided with the understanding that any legal questions or problems experienced need to be brought to the attention of a real estate attorney. The best way to learn about real estate is the interaction a prospective real estate customer can have with expert Realtors.  In addition to the experience and knowledge of the Realtor,plus the interaction and questions that come up, Realtors at Premier Realty Exclusive offer information on specialists in lending, appraisals, inspections, surveying and insurance agents.  All professionals are provided as a service are screebed and have a proven record of experience throughout real estate transactions.

Contact us for more information.

 

Let the Premier Realty Exclusive Realtors make your real estate purchase or sale a smooth experience for you!  

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