Friday, July 29, 2016

Do I need Title Insurance?

This week's question:

I am a 27-year old single mother. I recently inherited a large sum of money and have decided to purchase a luxury condo in Aventura for cash.
Do I need Owner’s Title Insurance?
One Word...YES!
As a real estate professional, I know that buying a home is, for most people, an exciting time. In your case, that excitement is probably sprinkled with emotion.  
In most instances, and possibly yours, purchasing a home in Aventura, Florida is also your single largest investment. Your investment must  be protected just as your car, health and life are insured.  
In a nutshell, here is the definition of title insurance:
“Owner’s Title Insurance protects the buyer’s legal right, title, and interest in a property, safeguarding against a variety of potential challenges ranging from unexpected judgments to pending legal actions or outstanding liens against the property for as long as they own or have an interest in the home.”
So... in my daily business practice, I always advise my clients to purchase owner’s title insurance. I do this early in the home buying process.
Here are 3 reasons you will benefit by buying owner’s title insurance:
This type of insurance will:

  1. Protect your investment –The cost of this type of insurance is reasonable, typically no more than 0.5 percent of the home's purchase price. The mental peace of mind it will provide is, well as they say, priceless.
  2. Reduce your risk – Purchasing  title insurance will protect you  against any unforeseen legal and/or financial title discrepancies that may arise. This issues could be  a claim filed for ownership by the heir of a previous owner, a debt unpaid to a contractor by the builder, or a lien filed against the property because the seller has not paid his taxes.
  3. There is nothing else like it – Your typical homeowner’s insurance and warranties protect the structure and belongings in your home, the physical items. Title Insurance is the only insurance that protects your rights to remain in your home in Aventura, Florida.

As always I welcome the opportunity to speak with you further about all your real estate needs. I can be contacted here or telephone me at 786.797.9088.

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