Title Company Claims
Just one since 1999. That’s when I started selling real estate and since then, only one of my clients has filed a claim with their title insurance policy. This policy insures not only that you are the true, right, and legal owner of the property, but also that all the debts and liens previously incurred have been paid in full. How often does a title policy come into play? Not very often. In fact, for my clients, just once. A few years after buying a property, I noticed my clients owed back property taxes. When I asked them about it, they were confused because they had been paid. We quickly determined it was property taxes owed from before they owned the house. The title company should have realized that before the house was sold and collected those funds from the seller. My clients filed a claim and the title company paid the taxes in full. Of course, while a title policy is rarely needed, it covers a big ticket item, so it’s important to have.