Title insurance services and polices offer a wide range of protection to many different parties those who have various interests in real estate transactions. Those are like homebuilders, attorneys, real estate brokers, real estate purchasers, lenders and seller. Now we will see the benefits for each one in detail.
- Real estate purchasers: Whether the real estate purchaser’s transaction is a single family home or a multimillion-dollar office building, there is a possibility to face a serious financial loss. If the serious cloud on the title is not detected, they could lose the property ownership right. A good title search before buying will identify and fix most problems, which might present and reveals the true nature of the title. The owner’s policy protects against various hazards those, which are even, not finding with thorough search of public records, forgeries, missing heirs or errors in recording. It also protects from legal attacks.
- Real estate sellers: The sellers wants to be sure theirs title is marketable to sell the property. By identifying the title problems, title insurer facilitates the flow of mortgage money. By insuring against title risks, they can resolve them whenever possible. The title insurance encourages the speed and efficiency completion of transaction. Therefore, the seller can receives money on time.
- Lenders: Financial organizations are concerned with security of their funds when they are invested in real estate. The loan policy provides a security to the lender from lose of capital with title hazards. By identifying and eliminating the risks, the title industry encourages the lenders to invest in mortgages.
- Real estate brokers: There is much more to earn for the real estate brokers with title insurance companies. The title insurance security betters the possibility for loan approval. By calling the title insurance agent or company, the broker quickly becomes familiar of the alternatives to clear up the title problems found in the search of public records and knew the what information is required to issues the insurance by a company quickly. Therefore, the broker can readily assist with the customer needs.
- Attorney: The attorney is the real estate attorney the person who handles the closing, in some states. To assess the real estate title the attorney’s opinion is created by the attorney. The title insurance enables the attorney to offer a greater protection than a legal opinion alone to the client.
- Homebuilders: Contacting with a title insurance company in the early process of building will minimize the delays for homebuilders. The title company initiated actions will effect positively on the builder’s project to complete timely. The actions are calling for a meeting those who are involved like escrow holder, architect, engineer, attorney, developer, builder etc., mechanic’s lien coverage and other title insurance needs advises, helping in title search and examination, etc.
Along with loan policies and basic owner, title insurance companies offer various special coverage, which are important to different parties. In some areas for new construction additional coverage are available. These could include zoning or special coverage regarding to surveys or mechanic’s lien protection.