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In Need of Title Insurance? Avoid Common Pitfalls With Attorney Al On Your Side

About Title Insurance

Illinois Real Estate Lawyer

When buying a home it may be very easy to assume that once you pay for a piece of property, that piece of property is legally yours. While fundamentally this assumption is true, the proper paperwork must be in place for you to hold the legal title for your new piece of property. In order for you to have full legal rights to your property, it is absolutely essential that you obtain title insurance for the property. Title insurance secures your legal claim on a property and protects you from any defects in ownership, such as a former owner claiming rights to the property.

Sometimes there are mistakes in a prior deed, will or mortgage that could give someone else a valid, legal claim against your property. Title insurance protects against this. According to the American Land Title Association, title companies find and fix problems in 25% of transactions. A title insurance company will defend a title and pay losses within the coverage of the policy if they occur. Title insurance offers the best opportunity to avoid claims and losses. You can check out American Land Title Association's PDF on "Why Do I Need Title Insurance?" to learn more.

Should any problems arise over the title of the property, having property insurance covers any costs of defending your ownership in court. Property insurance also ensures that you receive compensation if you ever face financial losses as a result of a title dispute. If you would like to obtain title insurance for your property, seek out the advice and guidance of a Illinois real estate attorney to assist you in the process.

The Two Types of Title Insurance

There are two types of title insurance: the lender's policy and the owner's policy. Most lenders require a loan policy when they issue you a loan; this policy is based on the dollar amount of your loan. Lender's title insurance only protects the lender. It will not pay the owner's expenses if a title problem arises.

Only an owner's policy will protect a homeowner if there's a title problem. For owner's insurance you pay a one-time fee at closing. This policy can also help you avoid paying any legal fees if you have to defend your claim to the title in court.

In summary, owner's policy provides the following:

  • Protection from financial loss due to claims against the title to your home- up to the face amount of the title policy
  • Payment of legal costs if the title insurer has to defend your title against a covered claim
  • Payment of successful claims against the title to your home-up to the face amount of the title policy

Do you need a real estate lawyer in Will, Cook, or DuPage Counnty?

At the Law Office of Al Beaudreau, LTD. we can assist you in obtaining title insurance for your property. Our firm can review your title insurance policy to ensure that it is worded exactly to eliminate any defects that could be exploited should a title dispute arise. While mortgage lenders require you to buy lender's title insurance in order to get a mortgage, this policy only protects the lender. To make sure your interests are protected in the event of a title dispute, you need owner's title insurance. We can assist you along every step of the title insurance process.

Don't allow your home ownership to hang in jeopardy. Secure the legal services of our firm on your side and Mr. Beaudreau would be happy to walk you through the process of obtaining title insurance.