Why Every Buyer Needs Owner’s Title Insurance

Whether you’re a first-time buyer or you’re buying your retirement home, the home buying process is a time of many emotions. There’s excitement, stress, anticipation, among many other things. This can make the process an overwhelming.

With so much going on during the process, it’s easy for things to get overlooked. When you buy a home, here’s why every buyer needs owner’s title insurance. In this post, we’ll cover the why you absolutely need owner’s title insurance.

You Insure Everything Else

We live in a world of insurance. We buy health insurance to protect our health. We buy homeowner’s insurance to protect our home. But, what about owner’s title insurance?

Before thinking that owner’s title insurance is just another “extra” you pay for, be sure you know what it really is. Owner’s title insurance is what protects your ownership interest. If there’s a lien out there or a dispute over your ownership, it’s what protects you. Buying a home is a huge investment, so buying owner’s title insurance should be a no-brainer.

It’s a one time premium you pay at closing. A home is a huge investment, be sure you protect it just like you protect everything else in your life.

Ghosts Can Come Back To Haunt You

Fraud, liens, unknown heirs from a previous owner, and boundary disputes are just a few of the things that can come back to haunt you and call into question your ownership interest. The worst part of all of this, though, is that there’s really nothing you can do to prevent this from rearing it’s ugly head, except for buying owner’s title insurance.

Owner’s title insurance is there to protect you against the unknown. Even if everyone in the transaction did their job perfectly, there can be still things that can call your ownership into question. Owner’s title insurance is a small price to pay for the peace of mind that your ownership interest is protected.

What Does Owner’s Title Insurance Cover?

Owner’s title insurance protects you against a lot of different things. Here are just a few of the scenarios that it covers:

  • Forged documents (deeds, mortgages, or releases)
  • Deeds by someone who is incompetent
  • Deed by mortgages
  • Deed given under fraud, undue influence or duress
  • Prior mortgages
  • Tax liens from prior owners
  • Misrepresentation of wills, deeds, or other instruments
  • Forged notaries

These are just a few of the ways that owner’s title insurance protects you. To find out more, read 70+ Ways To Lose Your Property.

Are you in the process of buying or selling a home in the Knoxville area? Title Group would love to assist you in any way possible.  You can reach us at 865-392-5801 or via email at [email protected]legroupoftn.com.

Title Group of Tennessee is a full-service Knoxville title company. We specialize in Knox, Sevier, Loudon, Blount, Jefferson, and surrounding counties. Title Group of Tennessee is ALTA Best Practices Certified since September 30, 2015.