Purchasing a new property can be a big undertaking. For many people, it is the biggest financial investment that they will ever make, which is why you should be very careful when doing your research about any property. First and foremost, you should check the title of the property to ensure that it is valid. If you are unsure of the chain of title of your property, a good rule of thumb is that you should avoid buying it altogether. However, if you own property for which you don’t know the chain of title, it is vitally important that you purchase title insurance through a reputable title insurance agency. Here are some reasons why.
Helps with Financing
Most lenders generally require you to have a title insurance policy through a reputable agency before granting you financing to buy your property. This policy helps provide a guarantee of sorts to the lender against the outstanding balance of the person. Obviously, a lender wants to ensure that the company’s investment is protected, so they will require you to have insurance through a reputable title insurance agency. If you are looking to secure financing for your property, having an insurance policy can do you a world of good.
Protection against Losses
Another notable benefit that you receive from purchasing insurance through a reputable title insurance agency is that it protects you against losses incurred due to zoning violations, building permit violations, or any other conditions or restrictions that might be levied on you. It is important that you purchase insurance through a reliable company such as Prestige Insurance Agency. They are very reliable and highly experienced when it comes to handling such claims. You can contact them at 517-264-6040 for more information and to discuss your case with them. You can connect with them on Facebook for more information!
