Reasons to Buy Title Insurance in Lone Tree

Buying a home is probably the biggest financial investment you will ever make and the largest asset you will ever own. Such important investments need to be protected, and title insurance does that. Home insurance will protect your home from events in the future, but title insurance protects your investment from mistakes in the past. Here are a few reasons why it is a good idea.

The policy covers the insured for post-policy missing assignments and/or discharges, post-policy forgeries, and post-policy encroachments on the property.
If the insured refinances and pays off an earlier mortgage and the discharge was not recorded or one is recorded but an assignment is missing, this would be covered under the policy. Most owners would not know that there is a missing assignment or discharge until sale. At that point they would find out a few days before closing, at best. If they have Owner’s Title Insurance Policy we would cover this issue and undertake the search for the missing documentation.
The homeowner would be covered if someone forges the owner’s signature to a deed or mortgage in an effort to sell or impose a lien or restriction on his or her home.
The Owner’s Title Insurance Policy protects the homeowner, if, after his/her purchase, someone builds a structure which encroaches on their land.
The Owner’s Policy provides coverage for real estate taxes & sewer betterment’s assessed after the date of the policy if they applied prior to the policy. Even if an MLC is ordered and recorded there have been instances where the Towns come back and claim that money is owed. If the homeowner has coverage we will ‘fight the battle’ for them. If not, the homeowner will need to hire an attorney and incur the costs of work that is needed in order to rectify the situation with the Town on their behalf.

None of these situations is ideal, but know that around 36% of titles have a problem sufficient enough to delay or thwart a closing. Make sure that you are protected by calling (303) 268-4278 to meet with Colorado Professionals Title.

The policy issues that the homeowner has actual pedestrian and vehicular access to and from the property.
The Owner’s Policy covers a homeowner who is forced to remove or correct existing structures that were built without a permit or that violate an existing zoning law or zoning regulation. This zoning coverage extends to boundary walls and fences.
The homeowner is covered where subdivision laws have been violated prior to the homeowner’s purchase, and as a result, the homeowner is unable to obtain a building permit, is forced to correct or remove the violation, or is unable to complete a sale or loan.
The homeowner is covered if he or she is forced to remove a boundary wall or fence because it encroaches onto a neighbor’s land, onto an easement or over a building set back line.
The one time premium includes an increase in coverage by 10% a year for the first 5 years the policy is in effect.
Most of the time the homeowner doesn’t find out there is an issue until a few days before closing. This can prove to be an issue because many sellers schedule back-to-back closings on another piece of property and need to close in order to get the proceeds to purchase the new house. Your closing needs to happen as scheduled. Without Eagle Owner’s Policy this very well may not happen. If the homeowner is insured with an Eagle Owner’s Policy then most often the Title Company will issue a letter to the closing agent to move forward with the closing and will undertake to resolve the issue.
A Lender’s Policy protects the lender, NOT the Borrower. Some borrowers are under the mistaken impression that since they have to pay for the lender’s policy it will cover them if there is a title issue. Please understand that the Lender is not going to track down assignments or remove fences and that lender policy coverage often does not arise unless there is a foreclosure.
The additional premium for the Owner’s policy is equal to a retainer for a few hours of billable time when an issue surfaces and an attorney has to be hired.

For Title Insurance in Lone Tree

You can trust that your home investment is safe when you are protected by Colorado Professionals Title in Lone Tree. We have the legal expertise and experience to ensure that your closing process goes smoothly and to defend you against claims made against your title and property. If you would like to find out more about title insurance and the closing services that we provide, pay us a visit on our website. Call (303) 268-4278 to talk to a professional today.