Benefits Of Title Insurance In The Purchase Of A Home
This article talks about the benefits of Insurance to both the seller and buyer of a real estate property. The mortgage lender is equally significant as it is the body that would provide financing to the home buyer in acquiring the property being purchased.
Who gets the benefits from title insurance for a home for sale? Do you really need it or just an additional cost when selling/buying a home? If you're not thinking about it, insurance can provide a wide range of benefits not only to buyers but to all parties involved in the real estate transaction. The purchasing process does not only involve the seller and the buyer of a home but more and we have discussed the 3 major
3 Major Parties Involved in the Purchase of a Real Estate Property:
1. The Purchasing Party - The insurance protects the purchaser against financial loss that may arise from a defective title of a real estate property purchased. Upon payment of a one-time premium the purchaser can get the protection of a title insurance policy. This type of insurance will cover claims that may arise from title problems that may come up with the records.
2. The Selling Party - The title insurance provides the owner of a particular house from a homes for sale directory, the assurance of success in marketing it. It protects the home seller from financial problems if the property's title is rejected by a potential buyer. It also protects the seller with warranties. This is a traditional way of providing protection to the seller once the purchaser sues the seller as it would be a breach of warranties.
3. The Real Estate Mortgage Lender - These are institutions that lend other people's money or funds, that's why they need to ensure safety of investment in mortgages. Title insurance provides a lender with safety against the loss of security that may arise with title problems. Therefore, after you have decided to purchase a home, you should consult a mortgage company before making an offer. Find the best type of lender that would work for your financing need.
Although the benefits of insurance are not limited to the ones discussed above, title insurance is very important as it gives assurance of a clear and secured sale to the home seller. It would also protect the purchaser/new home owner from hidden claims that may come out against the home purchased.
About the Author
Written by Joey Smith. If you are looking for top of the line Jacksonville homes for sale, then you need to visit Jacksonville real estate listing website: http://www.searchalljacksonvillehomes.com/
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