Do you know WHY Title Insurance is important when purchasing a home?

When most people go to purchase their first home they go to a realtor and say "What do I do next?". Having a realtor is an important guidance to have in the complicated world of Real Estate, especially because purchasing a home is the biggest investment a person usually has in their lifetime. The realtor is the face of the operation to consumers, but there's a lot of moving parts going on in the background during the process that most people don't realize.

Once someone finally finds their dream home, the real process starts- deposits, inspections, loan approvals, appraisals, etc. It is an overload of information to review, manage, and track during the long process. When the contract is signed by both parties (seller and buyer) it gets sent to a title company to start reviewing and preparing all information about the property. That title company is who brings all the pieces together into one file for you at the closing table. They work with your mortgage company, the realtors, surveyors, and collect all the searches and documents pertinent for the property.

The best aspect about Title Insurance is that, unlike other insurance, it protects you from anything that has happened in the past. This is important because even the most skilled title professionals might not find all the issues with a property. Issues could possibly come up that may be difficult to identify, such as unmentioned heirs, fraud, filing errors, etc. If any of these issues or others are found in the future during ownership of the land- it's covered by title insurance! Also, title insurance is a one-time fee and it covers you for as long as you own the home.

So what kind of policy do you need? There are two kinds of title insurance: Loan Policy and Owner's Policy. If a mortgage is taken out on the property, the lender will require a loan policy which protects the lender until your property is paid-off or refinanced. Then there's the owner's policy which insures the owner's right to ownership of the property. In most instances, both will be purchased. Sometimes people don't purchase the owner's policy because it's not "required", but it's the most important one to have because that is what protects the homeowner! Why only protect the lender and not yourself? It's a very small price to pay, compared to the cost of a home, for peace of mind.

But what Title Company should you choose? It's important to know that the fee paid for Title Insurance is dictated by the state, so no matter which company is chosen it will be the same. The closing fee is the only thing that varies between companies, and that's usually within a couple hundred dollar difference. What you're really looking for is what company can provide the best service, attention to detail, and communication.

Arrow Title Services is a locally owned and operated business in Stuart, FL. Owned by Michele Chardt who has been in the title insurance industry for nearly 30 years. She has worked at many companies in the local area and is well known in the community for her involvement with Habitat for Humanity. The Arrow Team pride themselves on being committed to providing reliable service, communication, and accuracy. They are small enough to care, but big enough to get the job done! At Arrow Title you become family, and that's exactly how you should expect to be treated- just wait until you meet Max! (The Canine Customer Relations Manager)