Do I need Title Insurance for my

DO I NEED TITLE
INSURANCE FOR MY
CONDO?
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As an expert in the field
of title insurance, one
thing I can tell you is
that most homebuyers
think they don’t need
insurance until
something bad happens.
But once a problem
arises, it’s already too
late to get insurance.
While you might never
use your coverage,
buying a title policy can
literally protect your
most valuable asset
against a variety of title
defects.
Going Beyond the Concept of Title insurance
Just the other day, I read about a lawsuit filed by
the heirs of a deceased owner against the
existing owners of a few properties, including a
shopping mall, several homes and businesses.
Based on the evidence presented, the successive
changes of ownership were accurately
established, and the judge ruled in favor of heirs,
awarding them all the properties. Existing
owners lost the ownership of the properties in
question.What I’m trying to say is that, even
though there is a highly unlikely chance that
there will be a challenge to a title, title problems
may appear. For just several hundred dollars, you
can easily eliminate the risk of losing your
investment.Now, coming down to the topic of
this post, title insurance is available for condos,
just as it is for any other piece of property.
Though in a condominium, you don’t own the
land, a title policy can protect your rights to your
condo against any title problems that may arise
in the future.

Title Insurance for Condos: Assessing Potential
Implications and ConsequencesThe previous
owner, for instance, may have had a lien or
judgment filed against him for unpaid taxes,
work done by a contractor or condo fees. Or he
might have got divorced, and the divorce decree
required him to buy his ex-spouse out of the
condo or sell the unit. If he didn’t, and the exspouse
have filed a suit and received a judgment
against him, the ex-spouse still has a right in
the condo you bought. In this case, you might
not only lose the condo but also need to repay
the mortgage you took out to buy the unit in the
first place.If you want to protect your asset
against claims that may arise from dierent title
problems, including faulty or forged titles,
document defects that aect the classification of
the unit as a condo, unpaid assessments and
encumbrances, opting for an owner’s title policy
is truly worth it.Applying for an owner’s title
insurance policy before buying a condo unit
involves a detailed title search that may bring
out a series of title defects. When defects are
found, the title insurance company issues a
detailed report so that you can make an
informed decision regarding whether to buy or
not buy a piece of property. What’s more, if
clouds covered by the policy are presented at a
later date, the insurer will defend your rights in
court and reimburse you for title-related loss, in
accordance with the policy term.
EVEN IF IT’S NEW CONSTRUCTION, YOU SHOULD STILL GET AN OWNER’S POLICY. FOR
INSTANCE, IF THE BUILDER DIDN’T PAY HIS SUBCONTRACTORS FOR THE WORK
PERFORMED, THERE MAY BE ONE OR MORE LIENS PLACED ON THE CONDOMINIUM.