Title Insurance
If you’re purchasing a home, title insurance is a no-brainer. Smart Settlements can help you navigate through the process of obtaining title and the importance of title insurance.
Do I need title insurance?
Lenders require title insurance if you’re purchasing a home using a mortgage. Title insurance can also help buyers avoid unexpected legal or financial problems with the sale of their new home, these unforeseen complications can sometimes cost more than the purchase price of the home. Purchasing the right type of title insurance can be tricky and you might have a lot of questions, Smart Settlements can walk you through the process of obtaining the right title insurance policy and answer any questions you might have.
Enhanced vs Standard Policies
When choosing title insurance, you have two options: Enhanced or Standard. Take a look at the differences in coverage, and choose the policy that best fits your needs!
Standard Policies
A Standard Owner’s title insurance, also referred to as basic or limited, provides basic coverage to homeowners and lenders, such as:
Defects in title existing at the time of purchase
Unmarketability of the title (i.e. the inability to transfer ownership)
Title is owned by someone other than the seller
Enhanced Policies
Enhanced Homeowner’s title insurance includes all of the coverage of the Standard policy plus protection against additional risks such as:
Building permit violations
Post-closing encroachment
Violations that occurred before you acquired the title
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