Why You Need Title Insurance
Here’s Why You Need Title Insurance When You Buy A West Knoxville Home
Congratulations on nearing the completion of your West Knoxville home search. Before you finish, securing your investment with title insurance is crucial when buying a West Knoxville home. Neglecting this vital safeguard can expose you to many title defects, potentially undermining your finances and peace of mind.
Understanding the Risks
Buying a West Knoxville home without title insurance can expose you to unforeseen legal challenges and title defects.
- Forgeries in historical records
- Deeds conveyed under duress
- Recording errors
- Unrecorded liens or judgments
Failure to address these concerns could hamper your ability to resell the property later.
Advantages of an Owner’s Policy
The best way to protect yourself against that unknown is by purchasing an owner’s title insurance policy. It is a one-time purchase that protects your ownership interest if you or your heirs own the property.
- Covers unknown defects
- Legal defense provisions
- Single upfront premium
- Limits up to policy amount
An Owner’s Policy mitigates risks lurking in the public records, providing essential security.
Types of Defects Addressed
Wondering what specific defects could affect your investment? The range of possibilities is more expansive than you might anticipate.
- Illegitimate corporate transactions
- Invalid legal entities
- Fraudulent power-of-attorney
- Court-related errors
This long list of potential problems underscores the essential nature of title insurance.
Protect Your Investment With Title Insurance
Just as you ensure your health with health insurance, your car with car insurance, protect your ownership interest by purchasing owner’s title insurance when you buy a West Knoxville home. It will help provide you peace of mind that one of your most significant investments is protected. At Knoxville Home Team, we’re here to help you navigate the home-buying process. Give us a call today to start your home-buying journey.
