Why do I need title insurance?

Why is title insurance from Treasure One Title so important to Home Buyers?  

If people knew all the things that can go wrong in a real estate transfer, every wise buyer would require an owner’s title policy from the seller, before they agree to close on the sale of the property.  Most people know to order a physical home inspection, checking for cracked foundations, electrical issues, etc..   But there is no end to all the legal traps which can possibly result in partial or total loss of their newly acquired property.   

A simple example is – What if liens exist on the subject property and they were not disclosed? Guess who becomes responsible for those liens after closing?  The buyer does.  What if it turns out that the seller did not have 100% fee title for the property. Guess who could lose their new home?  The buyer does.  What if it turns out the property does not actually have legal access? Do the words “Land Locked” mean anything to anyone? What if it turns out, that an undisclosed easement exists across your new property that provides access (a planned road or driveway) to a new development next door? Guess who cannot do anything about it?  That’s right, the buyer. And what of the rash of recent scams using unscrupulous contracts where people are “selling” homes which they do not actually own? Guess who loses everything?  That’s right, the buyer.  

 There are far to many examples to list, to provide for such a brief answer. But suffice it to say, without title insurance, the buyer is left exposed to whatever may come. The fact is, a buyer simply cannot know every legal possibility.  Treasure One Title exists to protect you from what you do not know.

Why is title insurance from Treasure One Title so important to Home Sellers:   

If you are selling real estate, as a part of the deed of conveyance, you will be guaranteeing the title to the property for the benefit of the buyers unless the buyers are foolish enough to accept a deed without any guarantee. 

If a title issue does come up, which results in a loss to the buyers (even if it was something from before you purchased the property), you may be subject to liability and a possible lawsuit, when the buyers attempt to recover their losses.  An owner’s title policy, is the cheap insurance you need; for the peace of mind that comes when you take the steps to protect yourself.

Why is title insurance from Treasure One Title so important to Real Estate Agents? 

Because of the fiduciary relationship which exists between real estate agents and their clients, it is always essential for real estate agents to recommend their client purchase an owner’s title insurance policy.

In fact, if a client waives the opportunity to insure the title, it would be a great idea for the wise real estate agent to get that in writing. It is important to establish that you did recommend it, but they decided against it.  It is concerning, how many times we have heard of real estate agents actually suggesting the crazy notion that title insurance is not necessary. 

First of all, there is no way to minimize the fact that these real estate agents are not advising in the best interests of their clients. Furthermore, without realizing it, these real estate agents have opened the door to litigation, should their client experience a loss; as a result of not having a title insurance policy.  Title Insurance is something that costs the real estate agent nothing, but not recommending it could cost them a great deal. An owner’s title policy is peace of mind for the real estate agent as well.

Why is title insurance from Treasure One Title so important to Lenders?

You won’t find many, if any, lenders out there who will not require a Lenders Title Insurance Policy. They know very well what is at stake, and so it is never a question of “if” with them. The Lender’s primary concern is first to guarantee that the seller has 100% right to convey.

Secondly, it is to acquire an insured guarantee that no outstanding liens exist against the subject property, which may in any way stand between them and having first lien position.