The Importance of Protecting Ownership of Your Property
The Importance of Protecting Ownership of Your Property
Buying a property is one of the biggest goals and greatest accomplishments in life. Not only is it a fantastic way to showcase your hard work over the years, but it also represents a huge gain in your financial assets. However, buying a property does not necessarily mean owning the property; the process of getting the ownership rights to a property is much longer and more complicated than you may think.
Once you buy a property, you will definitely want to go through the process of gaining Property Rights to protect your home and avoid costly professional and legal fees. From there, you’ll want to purchase title insurance, which will legally and financially protect you from losing your ownership rights. But having title insurance does so much more than protect ownership. Here are some of the other benefits and protections you have when you have title insurance:
Protection of Ownership for Heirs
Protection of the Lender (if you have a mortgage)
Financial Protection from Legal Costs and Other Fees Associated with Defending Ownership
Forged or Invalid Documents Such As Deeds, Mortgages, Satisfactions, and Releases
Includes deeds signed by mistake, deeds written by mentally imcompetant person, and deed by falsified power of attorney, improperly recorded deeds (missing pages, wrongly recorded county or address, etc.)
Misinterpretation of Wills, Deeds, and Other Instruments
Forged Notarization
Inaccurate or Inadequate Legal Descriptions
Undisclosed Records
Includes federal/state tax liens, spousal and child support liens, prior mortgages, etc.
If you’re in the process of buying or closing on a property, trust Guarantee Abstract Co. to guide you through everything you need to know. With years of experience behind us, we will walk you through every step of the way during the real estate closing and title insurance process. We work with all parties including the buyer, seller, lender, and real estate agents to help provide you with the best solutions when you need them. From title insurance to closing, let Guarantee Abstract Co. support you through it all! Visit our website to send us a contact request, or give us a call at 580-237-5537.
Sources:
https://www.oldrepublictitle.com/homeowners/education/benefits-of-title-insurance
https://boycewire.com/the-importance-of-property-rights/
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