Whether you purchased or inherited, the risk is the same. Look ya’ll, I’ve gotta house! Risk is in all real estate; however, you can reduce your financial risk with an owners’ title insurance policy.
Now why would I want to go and spend more money on an owners’ title insurance policy when I’m trying to save money?
Let’s put it this way: whether you drive a minivan or a convertible, you wear a seat- belt for safety. You may have financed your old minivan and made a cash deal on your convertible—either way, the accident risk is the same. Title insurance is your real estate seatbelt. You never want to use it, but it saves your financial life.
Wear your seatbelt, EVEN ON A CASH DEAL.
ESPECIALLY ON A CASH DEAL!!
IF IT’S A CASH DEAL, IT’S YOUR CASH ON THE LINE.
If something goes funny with your owner- ship rights, then you stand to lose every- thing you put into it, and then some.
The circumstances of real estate transactions aren’t always cut and clean. Where there’s room for doubt, there’s room for a lawsuit. Do you know how much lawyers cost? Do you want to find out?
Idiots abound, but you don’t have to be one. You can do everything right—do the title search and get the survey—but that doesn’t stop some idiot from challenging your legitimate ownership of that property. And as the owner, it’s your responsibility to de- fend your legal rights to the property.
Title insurance not only takes the burden of the legal defense, they also pay the bill.
Did you get that? For a low, one-time pre- mium, title insurance provides AND pays for the legal defense of your ownership
You can’t always stop stupid, but you can financially protect your property with title insurance.
* Please understand all title insurance policies have exceptions in their coverage. Be sure to have an attorney review those exceptions with you.
Stephen Collins offers a knowledgeable voice in a dynamic industry — real estate — a market that affects us all. As President and Owner of Land Title of America, Inc. in St. Augustine, he presents expert insight, and an open dialogue for real estate related questions and comments.