Buying a home is one of the single largest financial investments you will likely make. In the business world, buying an office or workplace may also intertwine you with serious legal real estate matters, often confusing and overwhelming. You shouldn’t have to go through the process alone.
Our real estate practice includes a broad range of legal services including residential real estate purchases and sales, the sale and purchase of businesses, boundary disputes, and easements. The Mazza Law Group, P.C. represents buyers, sellers, individuals and businesses. Our paralegals are knowledgeable in the preparation of closing documents and contribute to the high quality of our work in these areas
- Residential transactions
- Commercial transactions
- Title insurance
- Contractor litigation
- Homeowner litigation
- Deed Preparation
- Sales Agreements
- Mineral Rights
What Is Title Insurance?
Title insurance is protection against loss arising from problems connected to the title to your property.
Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more. There may be a weak link at any point in that chain that could emerge to cause trouble. For example, someone along the way may have forged a signature in transferring title. Or there may be unpaid real estate taxes or other liens. Title insurance covers the insured party for any claims and legal fees that arise out of such problems.
Is Purchasing Title Insurance Obligatory?
It is if you need a mortgage, because all mortgage lenders require such protection for an amount equal to the loan. It lasts until the loan is repaid. As with mortgage insurance, it protects the lender but you pay the premium, which is a single-payment made upfront.
Does Title Insurance Do Anything For Me?
The required insurance protects the lender up to the amount of the mortgage, but it doesn’t protect your equity in the property. For that you need an owner’s title policy for the full value of the home. In many areas, sellers pay for owner policies as part of their obligation to deliver good title to the buyer. In other areas, borrowers must buy it as an add-on to the lender policy. It is advisable to do this because the additional cost above the cost of the lender policy is relatively small.
To begin easing the pressures of your real estate legal issue, contact The Mazza Law Group, P.C. today.