Whether it’s a person’s home or a commercial or industrial property – real estate transactions are generally very important because they involve a substantial amount of money. And getting them “right” is crucial.
Things that go wrong are almost too numerous to mention, but they boil down the need to validate who really owns what. Alas, the opportunities for honest mistakes, as well as less honest mistakes, means there is always some risk related to real estate transactions. And that’s why title insurance was invented. Instead of taking the chance that a defect in title might appear in the future, throwing your business or home into legal limbo and potentially incurring huge legal expenses,one should turn to a title insurer for protection.
The list of potential headaches they can protect against is lengthy. It includes obviously, title defects, liens, easements, deed forgeries, identify theft, encroachment issues, the nightmare of “adverse possession”, among others.
Clearly title insurance provides very valuable protection. But determining the best and most appropriate title insurance for you or for a given property can be difficult. Attorneys familiar with real estate issues and the specific challenges of a geographic region or a specific type of property can be valuable sources of advice in this area.
And, furthermore, when there are other decisions to be made relative to a purchase or a property, that same expertise can be invaluable.
Obviously, in some cases, title insurance may be a routine and minor element in a transaction. But there are many instances when looking deeper into the coverage to be provided and understanding what’s at stake can make a big difference.
