Without title insurance in North Carolina, the purchase of property has a ton of hidden legalities that could damage your ownership. Fortunately for you, the state requires that you have insurance on your property title.
Like all insurance, it can truly feel like just another expense to dig into your wallet. However, this requirement is present to protect you from tiny legal document mistakes that could cost you big in legal fees. You won’t be aware of these things until someone tries to claim your land due to the errors of previous owners. Our team at Tryon Title has the goal of equipping you with the “why” behind this purchase, so you’ll know exactly how it saves you from financial disaster.
It works to resolve errors that impact your property ownership.
You’d be surprised at the title problems that could arise to impact your property rights. The point of good title insurance is to safeguard you from hypothetical surprises that become real ones.
Now usually, purchases can go through without a hitch. But for example, a previous owner neglected the payment of state or local taxes, you’ll find that the seller isn’t the only one with legal rights to your desired property. The same applies if there are heirs to the property through a previously unknown will, or even if there was document forgery.
There’s no way you’d know any of this without a widespread search to verify the title is valid. The title search process involves combing through public records and other legal documents. This is where insurance underwriting steps in, working to locate and correct anything that could come between you and your property.
You’ll be safe from legal claims for rights to your property.
Even after the title search concludes, problems with your title could go undiscovered. An insurance agency comes prepared for this as well. Whether easements, encroachments, or another challenge rears up, you’ll receive coverage equal to the price you are paying for your property.
The insuring company that directly provides your policy will provide legal help and finance payment of any authentic claims. Additionally, this insurance is by nature a one-time purchase so you’ll be protected as long as you own your property. Your mortgage lender gets their own protection against the above, meaning you are even more distant from the risks of the havoc created by legal ghosts.
Buying title insurance in North Carolina should be effortless.
Our team at Tryon Title wants you to be at ease during the confusion you’re feeling about insuring your property title. That is why we are ecstatic that you’ve been so proactive in learning the ins-and-outs of insuring your property title. Your efforts are going to pay off in time and money saved, so it’s time to breathe a sigh of relief.
That said, you still need insurance folks that will have your back through the entire process. As a local independent title agency, our in-house underwriting and network of insurance company associates give you the best value as quickly as possible. Take a moment to contact us and you’ll see why we take so much pride in our work.