You just bought your dream house. You’ve painted every room, put the furniture just where you want it, and unpacked. You’re just starting to feel comfortable in your new house and are planning a party to show off your new digs when you get a phone call. It seems that you bought the house from someone who didn’t have the right to sell it, as they weren’t the true owners.
Sound like a nightmare? It is. But one that can easily be avoided with title insurance.
“A lot of people see title insurance as something that is an added, unnecessary expense,” says Melanie Levine, owner of Mellex Title, Inc. “Unfortunately, they don’t see the value in such a purchase unless something awful happens.”
It’s Required
In most cases, you’ll be required to purchase title insurance when buying property. The only time you’ll be given an option will be if you pay cash for your house. Not planning to whip out your wallet to fork over $300,000 in cold, hard cash? Then yes, you will be paying title insurance. Instead of sucking it up grudgingly though, be thankful you have it.
Because title insurance is a must when buying any property, but especially if it’s a foreclosure. You may like to think that all foreclosure processes are kosher and uniform, but that’s not necessarily the case. With the incredible amount of foreclosures that have taken place in the last few years, some of them are done improperly, leaving the new homeowner with a steal of a house that they have to give back to the real owners.
In most cases, you’ll be required to purchase title insurance when buying property. The only time you’ll be given an option will be if you pay cash for your house. Not planning to whip out your wallet to fork over $300,000 in cold, hard cash? Then yes, you will be paying title insurance. Instead of sucking it up grudgingly though, be thankful you have it.
Because title insurance is a must when buying any property, but especially if it’s a foreclosure. You may like to think that all foreclosure processes are kosher and uniform, but that’s not necessarily the case. With the incredible amount of foreclosures that have taken place in the last few years, some of them are done improperly, leaving the new homeowner with a steal of a house that they have to give back to the real owners.
It’s Peace of Mind
Not going with a foreclosure? You still need title insurance. Even if you meet the sellers of your dream home, and they’re the kindest and most honest people on planet Earth, you need title insurance. After all, what if the home they’re selling belonged to their parents who recently passed away? And what if the sellers have siblings who live in other states, have a partial claim on the property, and have not agreed to sell the property?
“Title insurance protects against an outsider coming in and making a claim on your home any time in the future,” Melanie says. “By purchasing title insurance, you make sure your house is your home until you or your heirs decide to sell it.”
To ensure title insurance offers complete protection, Melanie and her team at Mellex Title (click here to "like" Mellex's Facebook page) don’t issue title insurance unless a set of criteria are met. These criteria involve the sellers being up to date on property taxes and utility bills, presentation of a death certificate if the property is sold by an heir, and in the case of a divorce, the ex-spouse must formally relinquish ownership of the property. It can be a tedious process, and it is one that Melanie and her team take on gladly for their clients.
Want to work with a title company that knows title insurance backward and forward and makes every closing a sure thing with no hang-ups? Don’t want to do the legwork to make sure the next home you buy will be yours until you decide otherwise? Contact Mellex Title at (954) 748-5550, find them online at www.MellexTitle.com, contact Melanie Levine directly at (954) 914-5858 or Melanie@MellexTitle.com, or follow Melanie on Twitter!
This story was written exclusively for The Club by Daniel Brantley, who wishes he knew Melanie years ago, so she could have answered his questions about title insurance. Follow his title-insurance-purchasing life at Twitter (www.twitter.com/danielkbrantley), drop him a line (daniel@danielkbrantley.com), or check him out online (www.danielkbrantley.com). Turn to Amplification, Inc. when your message needs to break through the clutter, or if you would like to see your product or service highlighted in this blog.
