Ever wonder why you need title insurance for your Herndon home? Here is a guide to title insurance for your Herndon real estate for sale.
When you buy homes for sale in Herndon, the title company will search the public land records in Fairfax County to make sure the seller is the legal owner of the property. If the title company finds a problem like an incorrect deed or a lien on the property, it can be fixed before closing. Most people don’t run into title problems after they buy a home in Herndon, but it does happen. This is why you should have title insurance.
- Types of Title Insurance. Title insurance falls into one of two categories: lender’s title insurance and owner’s title insurance. If you get a loan to buy your real estate, your lender will require a lender’s policy based on the amount of your loan. An owner’s policy is purchased at closing and lasts as long as you hold an interest in the property.
- What it covers. A basic title insurance policy protects you from any problems with a title that were not found during the title search. Human error can lead to mistakes on public records and forged deeds. This can and does happen. Names and legal descriptions are recorded incorrectly, back taxes may be owed, and people die without wills specifying their heirs.
- How it helps you. Say, for example, that you buy a Fairfax County homes for sale with a utility easement in the backyard, and the title company did not disclose this. You may not be able to add on to your home or build a swimming pool in your yard because of this easement. This devalues your property, and the title company will have to correct this situation for you. In this case, your title insurance will cover the claim and protect your investment.
As your Northern Virginia real estate agent I will help take the guesswork out of the closing process. Let me help you find the Herndon real estate for sale that fits your needs. The E4Realty Group partnered with RE/MAX Gateway is an experienced group of agents from all over the area and we specialize in assisting you buy and sell Fairfax and Loudoun County homes for sale. Call me today at 202-409-7513 or email me at LeAnne@E4Realty.com.
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- American Land Title Association. – http://www.mtgprofessor.com/A%20-%20Title%20Insurance/Questions%20About%20Title%20Insurance.htm
- Property legal descriptions. – http://www.lawguru.com/cgi/bbs/message.php?i=144104746&view=q
- Common easements. – http://en.wikipedia.org/wiki/Easement