When it comes to closing on a house in Chesapeake, amidst all the paperwork, you might ask, Do I need Title Insurance in Chesapeake?
With the latest hack against Experian, you know that 145 million people are vulnerable. Their personal information, including SSN, bank account number, credit/debit card number and driver’s license number, may have been accessible during the attack. Suppose you receive a late notice in the mail for a loan you do not have. This notice says you have an equity line of credit, but you don’t. Upon further investigation, you realize someone has stolen your identity and taken out a loan in your name and recorded against your property. Now it’s in default. You are about to be foreclosed by the lender. Without coverage, you will need to hire an expensive real estate lawyer.
Do I Need Title Insurance in Chesapeake?
With Title Insurance, you protect your monetary stake in your home. Someone could make a claim of ownership to your property after closing. What is the cost of Title Insurance? The average cost of owner’s or lender’s title insurance is about $2,000 or 0.05% of the purchase price of your home.
Title insurance protects real estate purchasers and lenders from losses that arise after a real estate settlement but result from unknown liens, encumbrances or other defects upon the title that existed before settlement. Examples of title defects include outstanding property taxes not paid by a previous owner, fraud or forgery of a prior deed or transfer, or a spouse or unknown heir who steps forward to make a claim against the title.
Do I need Title Insurance in Chesapeake? Although an owner’s title policy has always been an optional purchase for a buyer, it’s highly recommended, as it is a one-time fee that protects the homeowner and their heirs for life — even after they no longer own the property.
An extended coverage policy available in most states. One of the great things about enhanced owner’s title insurance is that the coverage quickly increases to 150 percent of the value of the home purchased.
Federal law grants homebuyers the right to choose their title service provider. Many home buyers don’t realize they have a choice. They just go with whatever company their real estate agent recommends. The Consumer Financial Protection Bureau has been cracking down lately on the cozy relationship some agents have with title companies.
New Law for Consumers
Many state real estate commissions are discouraging licensees from steering their homebuyers toward specific lenders or title companies. The practice now outlawed may restrict the homebuyer’s choices and inflate costs. You want to know that the service providers are the best and your broker has no conflicts of interest.
I am Christian Dunlap. My company, ChristianBuysHouses.com, buys houses all across Hampton Roads, including Virginia Beach, Norfolk, Chesapeake and Portsmouth.
Give me a call today at 757-705-8812.
I will do my best to provide you with the fastest and fairest home selling solution.