Your most valuable asset is your home. Property insurance covers you against any future claims that may be made against your property. You may have a few people or agencies that can sue you for your property.
Your final document package will include the title policy. The title policy should be located at the top of your stack to make it easy to find in the future. Your property might be of interest to contractors, lenders, government agents, or even family members and heirs. Professionals use a title insurance cost calculator to calculate the cost of your dream home.
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Although the title company might have done all it could, the history of the property over time has become more complicated.
The landlord company will search all records that relate to the property during the loan process. Unpaid tax covenants, outstanding mortgage balances, contracts from former sellers, and other issues may be a problem. The property may be subject to restrictions and convenience.
A document may have been signed by someone who has an expired power-of-attorney. There may also be unpaid taxes on inheritances, income or gifts. The parent company prepares to close if any of these situations arise. They may not be released and the property could be prevented from being sold.