Best Title Company, Staunton, VA
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Lilly Title & Settlement Company |
Thank you, Tammy, for a very painless event. You and your staff are wonderful. We haven't bought a home in over 30 years and the process with you was easy. We are so grateful. Marie and Dennis Marsh
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When you’re making one of the biggest investments of your life, does it make sense to risk it all for about the cost of your annual automobile insurance?
Here at Lilly Title & Settlement, we’ve seen what appeared to be squeaky clean titles that ended up with “hidden defects.” To understand how a hidden defect can jeopardize your new home ownership, take a look at the following.
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Imagine you've bought your house and you're all settled in. However, one day, a woman knocks on your door and gives you this story. She says she and her husband split up shortly before he put the house on the market, and that he forged her name on the deed. The woman says the sale was invalid and that she's still the owner. Oh, and by the way, she wants you out! You and the woman go to court. Her story proves to be true and you get evicted. She gets your house. And her husband? He vanished along with the money from the house. What would you do? |
Tammy & Staff, Thanks again for making the closing process, a smooth and straightforward experience : ) Sincerely, Yvonne Spencer & family
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Suppose after closing on the sale of your house you discover there are "clouds" against the title. For example, unpaid liens for contractor bills, legal judgements and taxes. Or, maybe you learn that a former owner of the house has a life estate in the property. What would you do? |
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Your title insurance service protects you from future loss if a covered claim
is made against your property.
Any of the above situations could happen when you buy a house--even if the house was purchased by the original owners and relatively new!
Your biggest question right now is probably, "Why didn't the abstractor, who established a chain of title to the property, find these problems before the real estate closing?"
Good question.
Because no matter how thorough the abstractor is in his search, even he cannot find what is called a "hidden defect," which affects your real estate title!
Hidden defects include:
Even with the most thorough title search, these defects would not appear in the records so they may not be picked up.
Click to call us today, 540-414-8763, or fill out the email form above to enlist our title and settlement services.
Your biggest question right now is probably, "Why didn't the abstractor, who established a chain of title to the property, find these problems before the real estate closing?"
Good question.
Because no matter how thorough the abstractor is in his search, even he cannot find what is called a "hidden defect," which affects your real estate title!
Hidden defects include:
- Forgeries
- Frauds
- False representation
- Lost wills
- Mistakes in descriptions
- Undisclosed heirs
- Clerical errors
- Illegal trusts
- Adverse possession
- Undisclosed or missing heirs
Even with the most thorough title search, these defects would not appear in the records so they may not be picked up.
Click to call us today, 540-414-8763, or fill out the email form above to enlist our title and settlement services.
Is Owner's Title Insurance Required?
Did you know that there are actually two types of title insurance? Lender and owner.
All of the lenders we work with require lender's title insurance. As part of your loan agreement, the buyer must purchase it because they want to protect their investment. (That's smart!) Lender's title insurance insures that the borrower has a valid, enforceable lien on the property. Consider lender's title insurance as half of the legal protection you need. Owner's Title Insurance Policy is the other half. No, it isn't required, but it is a must! It protects you from title defects that existed prior to the issue date of the policy, like the list of 10 mentioned above. The inherent danger of these defects is that you may not learn of them for months or years! Without title insurance you could spend a considerable sum of money on a legal defense and still lose your property! When you invest in homeowner's title insurance with Lilly Title & Settlement, you are protected against financial loss and the payment of legal fees to resolve any issue that could arise. |
Click to call us today, 540-414-8763, or fill out the email form above to enlist our title and settlement services.
House Title: How Title Insurance Works
If the title on your property is challenged, the title insurer assumes accountability for legal expenses to defend your property title, should a challenge arise.
Further, we take on the legal expenses to defend the property for as long as you are in possession of the property. Should the defense not be successful, you will be reimbursed for any lost value of your property.
Further, we take on the legal expenses to defend the property for as long as you are in possession of the property. Should the defense not be successful, you will be reimbursed for any lost value of your property.
How Much Does Title Insurance Cost?
Unlike most insurance policies, title insurance is a one-time investment. Yet, your Owner's Title insurance protects your for as long as you and your heirs own the property. or have an interest in the property.
For about the price of one annual car insurance premium, you get a lifetime of peace of mind! (Or until you sell the house.)
Click to call us today, 540-414-8763, or fill out the email form above to enlist our title and settlement services.
For about the price of one annual car insurance premium, you get a lifetime of peace of mind! (Or until you sell the house.)
Click to call us today, 540-414-8763, or fill out the email form above to enlist our title and settlement services.
