Georgia is one of the few states where title insurance is not required for the buyer. Title insurance is the insurance that protects your ownership of your property. It is different than homeowner’s insurance which protects the dwelling and contents.
When you purchased your home, the attorney did what is called a title search to make sure the title the seller was selling was clean or clear as it’s called in the business. They looked for liens such as unpaid taxes. You then were offered a chance to buy title insurance at closing. I always tell buyers to purchase it. Most do.
Recently I had a seller who was ready to close on the sale of his home. This seller chose not to buy title insurance when he purchased the home.
No one advised him to buy it and he thought since the title was checked he was in the clear. He was wrong. The title search on the the purchase of his home missed two liens from the previous owner.
These liens must be satisfied before a lender will close on a piece of property. The previous owner was long gone so the burden fell on my seller. This caused a hardship on my seller and delayed closing.
Then there is the story that every real estate agent in Metro Atlanta has heard. Years ago a developer purchased land from three sisters, to build several hundred homes in Cobb County. After all the homes had sold and some time had passed one of the sisters who lived out of state decided to visit “her property”. As the story goes the two other sisters had forged her name on the sales contract. Homeowners in the subdivision with title insurance had no problems but those without title insurance had complicated legal issues to deal with.
We are seeing quite a few title issues in these uncertain times. If you have title insurance the closing attorney is able to move forward on the sale of your home without delay. If you purchase title insurance at closing it is pretty inexpensive considering how expensive not having it could be.
If you want more information about title insurance click here. This site is one that does a great job explaining title insurance. As always if you have legal questions about title insurance contact a real estate attorney.
Open Houses this week include this beauty in Peachtree Station.
5118 Allenhurst Drive Open Sunday 2 - 4
New listings this week in Peachtree Corners.
These homes are show by appointment. Or click on the address for a sneak peak.
4030 Wellington Mist Point
3638 Petherton Way
Got a question? Something on your mind? Talk to your community, directly.
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.Write a new post...What do you want to share?Make an announcement, speak your mind, or sell somethingPost something