When a property changes hands, a title search is part of the extensive paperwork process that takes place. This search may give home buyers a false sense of security. Title searches are effective when they are done correctly and are useful for fixing paperwork errors. However, they do not provide security against all potential problems regarding ownership and the legitimacy of information included on the deed. For this type of protection, the home buyer must purchase title insurance as well as have a search performed.
Title services in Naples, FL offer insurance to their clients to protect their investment during the entire time they own the home. The insurance policy will protect against challenges to the property ownership from ex-spouses and heirs of the seller. It can protect against undisclosed liens when seller fraud was involved or when deed paperwork errors occur. There is no monthly or annual payment with this policy like there is with other forms of insurance. Title insurance is a one-time purchase that is paid for by the buyer at the time of the sale. The buyer has the option to refuse the coverage if they do not want to pay the fee, but they are left vulnerable to financial loss if a problem is discovered. If the insurance is purchased and a problem arises in the future, the buyer does not necessarily retain the right to the home. The insurance only covers the interest they have in the property at the time they are notified of the concern.
Title services in Naples, FL offer this coverage to residential and commercial property buyers as well as homeowners purchasing a newly-constructed home. Even new houses can have title problems if there is an issue with the land or the general contractor building the house has liens against their business. Companies like Omega Title LLC cover all closing transactions and the related title paperwork. This includes various scenarios like foreclosures, cash transactions, and seller financing. With the help of professional title services, all buyers and sellers have the opportunity to protect their own interests and eliminate the delays and expenses related to paperwork errors and fraudulent activity.
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