When you close on a house, the issue of title insurance might come up. This is a policy taken by both lenders and property owners to protect the investment. It ensures the title holder is protected against financial losses caused by unrecorded easements or inaccurate title documents. Here are a few of the benefits that accompany this insurance policy.

What Does Title Insurance Do?

1. Protects Against Losses

Insuring yourself against losses when making any investment is a sound financial strategy. Whenever you are closing on a property, it will first undergo a title search to check for any building violations, liens, or forgeries to make sure the property is legally available for purchase. 

Sometimes, however, the title search misses a problem in the history that can cause legal problems later, such as a zoning violation or a condition on the original document that was overlooked. Purchasing a title insurance policy can save you from the financial loss if you ever face an ownership issue.

2. Protects Against Legal Costs

If the property you purchase has a claim levied against it, and you can win a legal case that determines you are not liable to pay, the legal expenses needed to win that case might be higher than the initial claim. Insurance protects you not only from potential claims or financial loss due to losing the property but also from the costs incurred by trying to defend yourself.

3. Ensures a Lifetime of Ownership

Unlike auto or homeowners insurance, insuring the title is a one-time fee at closing, and you never have to worry about missing renewal deadlines. This insurance policy protects you and your heirs for as long as you own the property. 

When you need help from a title company in central Florida and the Tampa Bay area, contact the professionals at Scarab Title & Escrow Services, LLC. They offer leading-edge technology to expedite the closing process, like new remote closings in 2020, and their talented title agents guarantee smooth, family-oriented services. Call (727) 378-4553 or visit them online for more information.