We understand how frustrating it can be to search for a home in Austin. Half the battle is learning the key terms and what they mean in regards to Texas real estate. So each week we bring you Key Term Tuesday – our way of helping you decode the industry jargon that keeps you from owning your home search.
What is Title Insurance?
Title insurance protects the buyer from purchasing a property on which someone else may have a claim or unpaid charge.
Title insurance companies search the public records to ensure that there are no clerical mistakes, errors in examining public records, undisclosed heirs, omissions in deeds, unknown liens or fraud involving the deed. They also verify that the seller, in fact, owns the property is empowered to sell it.
Should someone make a claim challenging your ownership, the company will pay to defend you and compensate you for your equity should you not win in court.
Your lender will require title insurance for their protection and yours. Even if you are paying all cash for the property, obtain title insurance. Examining the chain of title is complicated and should be done by a professional.
Real estate agents are not title insurance experts, and furthermore they cannot offer legal advice. To that end, offering an opinion or rendering an interpretation of any type of insurance is legal advice. All questions about title matters should be directed to the title company directly or a competent real estate attorney
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Our team has a combined 55+ years of experience helping home buyers understand the home buying process. Check out our approach to Buying a Home in Austin to learn more about our team and how we work. Then, call us at (512) 827-8323 or email us at info@11OaksRealty.com to schedule a no obligation consultation.