Property Titles: 5 Things You Need to Know

It's always better to be safe than sorry. At Nu World Title Tampa, we do the legwork required to secure your title and ensure that it's free of problems that may get in the way of your purchase. While it's recommended to have a title search done before closing, a lot of first-time buyers don't think about it until it's too late. Here are 5 things you should know about your property title.

1 : Title Searches for Previous Claims

Buying a new home can be stressful enough already. The last thing you'll want to discover is an issue attached to your home title. At Nu World Title Tampa, our title specialists search for any cases to the title that might negatively affect your home buy. Our investigation will incorporate multi-year private and publicly available reports.

About 33% of title searches include some kind of problem such as unpaid taxes by previous owners, forgery, deed errors, undisclosed proprietors, main beneficiaries or clashing wills.

2: Buying Title Insurance

Congrats on closing on your brand-new home! Now it's time to get insurance to protect your title. There are 2 types of insurance policies you can buy in Florida.

Owner's Title Insurance - safeguards you the purchaser

Lender's Title Insurance - safeguards the supplier of your loan - usually the bank

Owner's Title Insurance gives equivalent to the sum you are paying for the property. It safeguards you on the off chance that an issue is found after the inquiry is finished. The insurance agency offers legal guidance and - most importantly - pays any legitimate cases. Owner's Title Insurance is in full effect for your entire stay in your home.

Despite the fact that you will have almost no participation with the genuine title search (we'll do that for you), having title insurance is definitely a crucial addition to your home purchase.

3: Caring For Your Title

When you are officially the owner of your new home, place your title in a protected location like a fireproof safe or secure deposit box.

4: What Happens If You Lose Your Title?

Don't panic! You can go to the agent's office at the region town hall where the property is found and solicit a duplicate. On the off chance that you have a home loan on the property, your home loan financier will likely have a duplicate as well.

5: Selling Your Home

The moment you sell your property, your title possession is moved to the purchaser. The new buyers will get a duplicate of the new title shortly after the close, demonstrating that they currently own the property - not you. Any title that may be in your possession from that point willl be invalid.

Ready to start? Get a personalized title quote today.