
Obtaining title insurance on my property helps me maintain my ownership of the said asset, from possible ownership claims of past owners or beneficiaries of past owners’ claims to interest in the property. Why does my lender need one too? I know that this is something that helps protect from defects relating to past ownership of the property, but that’s for the owner. This is my investment.
In a way, this is also their investment in you. And at the end of the day, everyone wants to have a guarantee that their investment is covered. A lender’s policy guarantees that your lender is guarded in the case of past-due liens against the property and other issues that may come up from the property’s past. Ideally, your mortgage provider wants to protect their position as the lender that is holding a lien against your property. If you default on your loan this guarantees that they are paid first if the property goes into foreclosure and is sold at auction. The guarantee that their title policy gives them is that they have the first lien on your property and receive funds before anyone else does if the property sells at auction. From their point of view, this is a further guarantee that your loan is covered against claims that can truly contest your ownership of the property or any valid lien that would threaten their, and your, investments.
If you’d like to find out more about obtaining your property title with Gables Title Group, our team of title experts is ready to answer all of your questions and that your property transaction is concluded smoothly and with zero complications. We provide full service to all clients and provide the support that makes the difference between closing or losing the deal.
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