21 Important reasons why homebuyers need title insurance
October 15, 2016
My friend and trusted title escrow officer Pam Atyia offered this great list of reasons why we need title insurance, and I want to pass it along because it’s so good. Owner’s title insurance protects buyers against hidden risks that could possibly be missed by even the most meticulous search of public records:
- Forgery
- Fraud in connection with the execution of documents
- Undue influence on a grantor or executor
- False personation by those purporting to be owners of the property
- Incorrect representation of marital status of grantors
- Undisclosed or missing heirs
- Wills improperly probated
- Mistaken interpretation of wills and trusts
- Mental incompetence of grantors
- Conveyance by a minor
- Birth of heirs subsequent to the date of a will
- Inadequate surveys
- Incorrect legal description
- Non-delivery of deeds
- Unsatisfied claims not shown on the record
- Deeds executed under expired or false powers of attorney
- Confusion due to similar or identical names
- Errors in official tax records
- Incorrect indexing
- Clerical errors in recording legal documents
- Delivery of deeds after the death of the grantor
I would never purchase a property without title insurance. Therefore I will always strongly recommend my buyer clients obtain title insurance. Mortgage lenders will always require title insurance, so for borrowers, you do not have a choice. And that’s for everyone’s protection!
Questions? Call me at (405) 585-6580 or email Steve@Soldonshawnee.com.
