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PARK CITY REAL ESTATE

tel Call : 435.901.8333

Home Buyer’s Education: What Is Title Insurance?

January 20, 2018 by Jensen & Company

From standard homeowner policies to disaster insurance, there are a variety of ways to guard your dream home against unforeseen future issues. But one type of insurance can become lost in the mix when buying a new home, which is your home title insurance.

What Title Insurance Does For Homeowners

Every homeowner expects when they purchase a home that the title to the home is clear of any claimants or liens. However, this is not always the case. Issues with your home title can either result in heavy fees or possibly the loss of your home to a claimant with no recourse. Some issues which can be prevented with title insurance are:

  • Liens – If prior owners had work done on the house and did not pay, the contractor’s company can put a lien on the home. If the previous owner owed past HOA fees, then the HOA could have a lien on the home. There could be multiple causes for a potential lien and they may not be disclosed at the time of sale.
  • Unpaid property tax – If the previous owner neglected to pay property tax, you (as the current owner) will now be responsible for paying the debts.
  • Claimants – There may be people with a legal claim on your house, such as heirs or estranged spouses which did not consent to the sale of the home.

There are many possible variations of the above examples which can negatively affect the title of your home, which directly affects the ownership of your home. All these problems can be prevented from impacting your homeownership with title insurance.

When You Should Purchase Title Insurance

Title insurance purchasing comes up during the home buying process. There are two basic types of title insurance:

Loan Policy – When taking out a loan to purchase a home, you are required by your lender to buy loan title insurance. This protects their investment in you and your property loan. Should a title dispute arise, the insurance will take care of the issue. Some resolutions can mean you still lose your home but are not required to keep making mortgage payments. However, you will lose your down payment and any other amount of money you have invested into your home. Also, the loan title insurance policy only lasts for the duration of your loan.

Homeowner Policy – Purchased with a one-time fee, a title insurance homeowner policy protects your property as long as you or your heirs own the property. With your purchase, the insurance company researches the home’s title and resolves any issues. Should the insurance company miss any problem which later arises, they will defend your title with no further investment from you. Some insurance companies separate title search from title insurance, so be sure to inquire when looking for a home title insurer.

The only time you do not need title insurance is when you purchase a home as part of a housing company or cooperative, which exists as a separate legal entity with different regulations.

To make the buying of your dream home that much easier, be sure to choose Jensen and Company. We have years of experience helping homeowners through the intricate process of selling their homes and buying property. Contact us today to see what we can do for you.

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tel Call : 435.901.8333

About Jensen and Company

Brad Jensen has been a top realtor since 1988. In 2021, he was invited to join the prestigious International Luxury Alliance. The Alliance is an elite network of real estate professionals from key markets in the U.S. and abroad. Creating unique opportunities for his clientele to acquire some of the most sought-after real estate in the world. He is one of the most respected agents in Utah and would be happy to assist you in selling your home or buying a new home. It is Jensen and Company's goal to help make your real estate transaction as easy and stress-free as possible. Our blog has lots of great information and market intelligence to help you learn more about the Park City real estate market. Please contact us if you have any questions. We would be happy to assist you.

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ftel Call : 435.901.8333

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  • About
    ▼
    • Testimonials
    • Our Videos
    • Contact Us
    • Blog
  • Search
    ▼
    • Significant Sales
      ▼
      • Luxury Mountain Living
    • Featured Properties
    • Property Search
    • Most Recent Properties
  • Park City
    ▼
    • Buy in Park City, Utah
    • Sell in Park City, Utah
    • Park City Homes & Condos For Sale
    • Park City Real Estate
  • Deer Valley
    ▼
    • All Deer Valley Real Estate
    • Deer Valley Homes & Condos For Sale
  • Communities
    ▼
    • Old Town
    • Thaynes Canyon
    • Lower Deer Valley
    • Deer Crest
    • Upper Deer Valley
    • Empire Pass
    • Aerie
    • Prospector
    • Park Meadows
    • Canyons Village & Colony
    • Sun Peak | Bear Hollow
    • Silver Springs
    • Old Ranch Road
    • Kimball Junction
    • Pinebrook
    • Summit Park
    • Jeremy Ranch
    • Glenwild | Silver Creek
    • Trailside Park
    • Promontory Area
    • Jordanelle Area
    • Midway | Charleston
    • Heber City
    • Kamas & Marion
    • Huntsville – SnowBasin
    • Red Ledges
  • Buy
    ▼
    • Deer Valley Real Estate
    • Park City Homes & Condos For Sale
    • Park City Real Estate
    • Deer Valley Homes & Condos For Sale
  • Sell
    ▼
    • Why Sell With Us
  • Discover
    ▼
    • Park City Events Calendar
    • Featured Attractions
    • Local Ski Resorts
    • Park City Local Vendors
    • Our Infographics/Resources