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Title Insurance When Buying a Home in the Athens area

November 8, 2017 by Jerri.Stracener Leave a Comment

An important part of the process is to consider title insurance when buying a home in the Athens area. It’s a one-time charge that covers your investment for the entire time you own the property.

Oconee County Courthouse

What is title insurance?

Title insurance is a policy required when you purchase a home with a mortgage. This policy protects the lender if a lien is missed with the title search, or if the property owner rights are in question for any reason. This doesn’t protect you, the property owner, only the mortgage company.

To make sure you’re protected if there is a discrepancy

Title insurance is a one time expense for a policy that covers the property title as long as you own it. It generally costs a few hundred dollars but is money well spent, especially if there is ever an unexpected event related to ownership.

Do you need title insurance?

Of course, nobody will say you don’t need it! But there are times when it’s much more critical to get it.

Cash sale

When there is no mortgage on the property, it’s most important to buy title insurance. It would be awful for a long lost relative of a deceased seller to come back and claim his share of the property… or all of it!?! It’s unusual for a claim to be filed but this is one time it’s better to be safe than sorry.

100% Financed

In a case where 100% of the purchase price is financed, it’s less likely that you would have a huge financial loss if someone did make a claim. However, I think you could still lose your home, which could create a definite hardship.

Seller paid closing costs

If the seller is paying all or most of your closing costs, title insurance can be included. This is an expense that’s typically considered as part of the closing costs. It is sometimes added just as a way to use the full amount that the seller agreed to pay.

 

Considering the cost of title insurance for the peace of mind that it brings, we always recommend buying it. Even if you don’t buy it at closing, you are usually allowed a few weeks after closing to contact the attorney and purchase it.

 

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