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Title Problems And The Importance Of Title Insurance In MA

Owners title insurance can be bought when buying or refinancing a property. It can be purchased once by a homeowner and will cover title defects for the entire time that they own a home. Knowing what title defects are may help home buyers decide whether to purchase a policy. Title problems and the importance of title insurance in MA can be found below.

What Are Title Defects

Title issues are not common but they could have a significant impact when they do occur. Defects are conditions that make it difficult to determine the true owner of a home. Even though a title exam is performed before most homes are purchased, some issues are not easily detectable and can stay hidden for several years and through several transfers of ownership. Any identified defects must normally be cleared before the sale of a property, but in situations where they are not found, title insurance protects the owner of the home.

Title Issues Covered by Owners Title Insurance

Title issues can come in many shapes and forms. Below are just a few examples (keep in mind that this will vary by insurance company).

  • Missing Signatures
  • Unrecorded Liens
  • Missing Releases
  • Failure to Comply With Correct Recording Procedures
  • Unrecorded Encumbrances
  • Undisclosed Heirs
  • Forged Documents
  • Mental Incompetence of a Party
  • Mistaken Identity
  • Defective Deeds

Title Problems And The Importance Of Title Insurance

If you purchased an owners title insurance policy, the insurance agent may either handle a problem or cover your losses you incur. It may even cover defending a law suit jeopardizing your ownership rights. Policies are purchased based on a particular dollar value, so maximum limits do apply. Additionally, specific items may be excluded from your policy. Ask your closing attorney for a full list and for more details on title problems and the importance of title insurance in MA. In the End, owners title insurance is the best way to protect your ownership rights to a property. Even though the cost can be high, it is paid only one-time and covers you and your heirs for as long as you own the real estate. It is well worth the expense given that real estate may be the largest single investment that you make in your lifetime.

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Attorney John J. Martino offers a broad range of legal services in Eastern MA and Southern NH. As a highly dedicated and experienced professional, he handles cases under the following areas of practice:

Estate Planning

Family Law and Divorce

Real Estate Law

Probate Proceedings

Business Law

Personal Injury

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