Virtually every purchase of a home or other piece of property in the area involves research into the associated title. Definitively establishing ownership is required to ensure that the transaction can be finalized in legally binding, aboveboard ways.
In most cases, one or more parties to the purchase will also become the beneficiary of an insurance policy that is taken out to protect the associated title. Working with a Title Insurance Agency in Blissfield MI like the Prestige Title Insurance Agency is easy enough to do in every case and also almost always productive.
Guarding Against Many Possible Title-Related Problems
The title to a piece of real estate might seem like a simple document, but there are often complications lurking just out of sight. Even an apparently straightforward ownership situation can later be revealed as more complicated, and that can work against the interests of buyers and sellers.
Having a Title Insurance Agency in Blissfield MI issue a policy will provide protection against a variety of related challenges that could potentially crop up in the future. Some of the issues that most often produce title-related problems later on include:
- Fraud
In some cases, titles that have been assumed valid for many years are eventually determined to have been issued or transferred fraudulently. In such situations, the rightful owner of a property will generally be able to claim it regardless of how many times it has been putatively transferred since. - Incapacity
The legal owner of a property can only agree to transfer it to others while being of sound mind and in control of their faculties. Should a person who is longer legally capable sign on to a real estate transaction, it can later be declared invalid. - Liens
An extensive title search should reveal any liens that are outstanding against a property, along with any other ways by which it is encumbered. Title insurance will protect a property’s new owner in the event that one or more liens are rightfully exercised later on.
Protection That Pays Off
Issues like these and quite a few others could potentially complicate real estate transactions in ways that would make them undesirable. Having title insurance in place makes it much less likely that such problems will arise. Contact us for a FREE consultation!
