Title Insurance Lawyer in Allentown, PA
If you need assistance obtaining title insurance before closing on a home, you should speak to a title insurance lawyer in Allentown, PA. A lawyer can help you get the insurance in a timely manner and answer all of your questions.
Definition of Title Insurance
Title insurance is a policy that protects home buyers and lenders against issues with a title during a transfer or property ownership. If you have this type of insurance, you will have a peace of mind knowing that a title company will be on your side if a title issue arises. Common title disputes may include wills or trusts that were probated incorrectly, unpaid real estate taxes, forgery of a deed and errors in researching a title.
Why You Need Title Insurance
If you’re in the process of buying a home, you may wonder if it’s truly necessary to purchase title insurance. After all, it’s an extra cost you have to pay. The truth is that buying title insurance is always advised.
First of all, the mortgage lender you go through will likely require you to purchase title insurance. They’re lending a large amount of money and want to make sure that their investment is protected. Another benefit of this insurance is that it covers the full purchase price of the property. If there is ever a dispute with the title, the policy will pay for the defense.
Common Myths About Title Insurance
There are many misconceptions about title insurance that may make some people skeptical about purchasing. Here are some common myths a title insurance lawyer in Allentown, PA doesn’t want you to believe.
- You have to pay monthly premiums: One of the most common misconceptions about title insurance is that you have to pay monthly premiums like you do with other types of insurance. However, you only pay for title insurance once at the closing.
- If you pay in cash, you don’t need title insurance: If you pay for a home in cash, you don’t have to work with a lender and won’t be required to purchase title insurance. However, that doesn’t mean it isn’t necessary. Even if you pay in cash, title issues could still arise in the future.
- Title insurance is too expensive: It’s understandable that you want to minimize your costs when purchasing property. However, title insurance is just a small percentage of your closing costs and completely worth the cost.