Why You Need to Keep Your Title Insurance Policy in Your Possession
Title insurance is an important topic to keep in mind not just when you buy a home, but also when you sell one. In fact, it’s an important topic any time you own a home.
When I talk to my buyer and seller clients about this topic and all the title insurance policies they’ve owned for their previous homes, I usually tell them about the “secrets” you never find out about until you fall into dire straits.
If you previously owned and sold one or more homes, it’s important that you find your title insurance policies and your settlement statements and store them in a safe place. These policies cover you for your lifetime—not just while you own a particular home.
This is important not only for your peace of mind, but also in case an unforeseen issue arises and you need to protect yourself from any legal entanglements.
For example, let’s say the neighborhood you live in was once a family farm that was sold a long time ago, but one of the heirs ( who wasn’t notified of the sale) decides to sue everyone who owns property on that land. In that case, you’d have to hire a lawyer or countersue along with everyone else in the neighborhood, but if you have your title insurance policy in hand, you won’t have to worry about a thing.
I didn’t learn about the importance of this document myself until the day before I closed on my home back in 2001, and I had to scramble to get ahold of it so I could proceed with the closing!
So, keep this advice in mind and make sure the same thing doesn’t happen to you. If you have any questions about this or any other real estate topic, don’t hesitate to reach out to me. I’d love to help you.