After you’ve found your dream home here in New Mexico, you’re going to want to protect it! Title insurance is a type of insurance policy that protects a property owner or lender against any financial loss that may occur as a result of defects in the title to the property. Title insurance is usually purchased near the end of the home-buying process and is meant to provide protection against any unforeseen issues that may arise with the title after the purchase. While there are far more than five reasons to purchase title insurance, we’ve got our top five listed below:
Title insurance provides coverage for any potential issues with the title to your property, such as liens, encumbrances, or competing claims. It can also provide coverage for title defects that were not known or could not have been discovered during the title search. This covers any fraudulent activity associated with the buying and selling of the property. Title insurance will help cover the costs of legal fees if you need to defend your title in court as well.
Peace of Mind
At Centric Title, we value your peace of mind. Knowing that you have title insurance can reduce a lot of the typical stress associated with purchasing a property and give you some much-needed peace of mind. With title insurance, you can be assured that you will be able to peacefully enjoy your property without any unexpected title issues.
Other Insurance Policies Can’t Compare
Regular homeowners’ insurance and warranties only protect the structure and belongings of your home, not the right to own the home. Getting owner’s title insurance ensures that your family’s property rights stay protected.
Title insurance is a one-time cost that is relatively inexpensive compared to the overall cost of buying a property. Owner’s title insurance typically costs only about 0.5% of your home’s purchase price and, for how much money you are spending on your home, this is surely worth the buy.
Title insurance can increase the resale value of your property by providing potential buyers with the assurance that the property has a clear title. In addition to this, it protects a property when it’s being inherited.
If you’d like to learn more about acquiring owner’s title insurance, our team at Centric Title is here for you — get in touch with us today! You can find your local office here. We hope to hear from you soon!