Can Title Insurance be Purchased After Closing?

Purchasing Title Insurance After Closing If you opted out of buying title insurance during closing and are feeling the wrath of liens and collectors from the previous owner’s mistakes, well, we hate to be the bearer of bad news, but the time to purchase title insurance is at closing. Otherwise, it’s a winding road to

Purchasing Title Insurance After Closing

If you opted out of buying title insurance during closing and are feeling the wrath of liens and collectors from the previous owner’s mistakes, well, we hate to be the bearer of bad news, but the time to purchase title insurance is at closing. Otherwise, it’s a winding road to get it after the fact and there are costs involved.

What Can Go Wrong if I don’t Purchase Title Insurance?

It is important to make sure that the title to the home or real estate property you are buying is clean, because the title is what gives you ownership of the property.

Let’s say you buy the beautiful, dream home you’ve always wanted. If you neglect to purchase title insurance and it eventually comes to light that the previous owner didn’t pay property taxes for 5 years, since the title is now yours and you are the rightful owner of the property, you would be responsible for paying it. Maybe the previous owner had some work done on the house and didn’t pay the contractor, you could end up having to pay for it. There are a number of things that could go wrong after you buy a home that could have to do with the previous owner and are not your fault, but you need protection against those just in case.

Isn’t the Title Checked During Closing?

The short answer here is yes. During the closing phase, the title insurance company will conduct a comprehensive search to make sure that there are no surprises. They should look at deeds, wills, trusts, the history of work completed on the home, everything that may affect the title. Not all companies search thoroughly. If you see hidden costs or junk fees in your quote, you can probably count on some other hidden things like short cuts in getting your searches done the right way. Your best bet is to shop around for the very best title insurance company you can find, one that offers you the best rate for title insurance and the Butler Rebate in Florida.

Purchasing title insurance after closing is a costly headache, so make sure that you provide yourself with that extra protection needed. It could save you thousands and it could save you from potentially losing your dream home.

Arlene CeballosCan Title Insurance be Purchased After Closing?

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