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Why should you purchase an Owner’s Policy of Title Insurance?
Did you know Abraham Lincoln lost his home twice because of title defects? Title Insurance was established to protect owners and lenders against the hidden hazards of real estate ownership: forgeries, faulty surveys, hidden liens; conveyances by a minor or mentally incompetent person; the false representation of a married person as being single; and many other title defects. Even the most complete search of records may not reveal them all. Hidden hazards can arise after closing, resulting in unpleasant and costly surprises. The title insurer will pay for defending against an attack on the title as insured, and will either perfect the title or pay valid claims.
Your lender will typically require a mortgagee title policy covering the outstanding balance on the mortgage at your expense. The mortgagee’s policy will cover the lender only. Your home, investment property or new office building is typically the largest single investment you will ever make and you will need to protect your equity by purchasing an owner’s policy. Depending on local practices and state law where the property is located, you may pay an additional premium for an owner’s policy. The premium for title insurance is completely different than casualty insurance and is paid with a one-time premium typically paid at closing. An owner’s title insurance policy will even last well past the point in which you sell the property in the event that a purchaser challenges the coverage’s in the deed that you provided.
If you have questions or if you are in need of title insurance, please contact John L. Bailey at (513) 533-2022 or jlb@bpbslaw.com.
Central Land Title Agency
Central Land Title Agency Company is an ancillary and related real estate business fully owned and operated by Barron Peck Bennie & Schlemmer Co., LPA, and provides our clients with the highest level of timely services to fulfill their commercial title needs. We have a national relationship with First American Title Insurance Company and Ticor Title Insurance Company that enables us to provide title insurance policies and services throughout the United States. Central Land is a full service title agency with closing personnel, paralegals and title examiners who are supervised by and work in conjunction with designated commercial real estate lawyers of Barron Peck Bennie & Schlemmer Co., L.P.A. We handle a full spectrum of transactions from small commercial business real estate loans to multi-state, multi-site real estate transactions. Our major areas of service include developers, builders, commercial lenders, buyers, sellers and lessees who value our knowledge, skill and timely services.
For more information regarding Central Land Title Agency, please contact John Bailey at 513-533-2022 or jlb@bpbslaw.com.