When buying a home, many people fail to consider the additional costs associated with a mortgage. One of the most important protective measures anyone can take when buying property and property insurance.
There are many reasons why property insurance is important when trying to protect a six- or seven-figure investment. Some of the main reasons are discussed below.
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Single title insurance protects against the unlikely but relevant situation where one of the previous sellers lacks the legal status of actually selling you the home.
While this is a situation that doesn't happen often as property titles are one of the most researched documents in modern society, it only takes one mistake to destroy a first time home buyer investment.
Two-title insurance protects against major mistakes.
When people buy a house with a partner, there are times when one of them tries to sell in a completely innocent way without the other person's signature. Laws regarding the sale of real estate differ from state to state, and there are some aspects of the sale of real estate that are not billed by the federal government.
Triple title insurance protects you from real estate vultures.
Some people make their living robbing others of ignorance when it comes to real estate. If the sale of the house is illegal, the information can be discovered by a willful and informed property specialist – all property sales are legally recorded on a public register.