There are few things in life as exciting as buying a North Georgia Mountain Home. However, since homes are one of the largest purchases most of us will ever make, home buyers should take reasonable steps to protect themselves in the home buying process. This series of posts will contain some general suggestions on how buyers can do this.
The information that I am providing to you is taken from Form F-13 Protect Yourself When Buying A Home from the Georgia Association of REALTORS®, Inc.
8. Buy An Owner’s Title Insurance Policy.
An owner’s insurance policy protects the buyer is a pre-existing title problem is discovered after the closing. Normally, a title insurance policy is purchased and issued at the closing by the closing attorney. A title problem can be as simple as a neighbor claiming to own a small portion of your property based upon a disputed fence line.
However, it can also be a serious problem, such as a forged deed, where you could lose the title to your property. Mortgage lenders require the buyer to pay for title insurance covering the lender’s interest in the property. However, in a world where there is an increasing amount of identity theft and the forging of documents, title insurance covering the owner is recommended.
There are different types of title insurance policies offered in Georgia. The most comprehensive are sometimes referred to as “enhanced title policies” and in some cases they protect the buyers from title claims even after the closing date. Since the premium for title insurance is paid only once, it is recommended that buyers obtain the comprehensive policy.
Please check back soon for the 4th way to protect yourself when buying a home. Should you have any questions or concerns before then, please feel free to Contact Me, or call me at 706-994-8686 for any Real Estate advice you might be seeking.
If you missed the First 7 Ways To Protect Yourself When Buying A Mountain Home, Please Click below to catch up on those.