The search may have been long, but you've finally found the home of your dreams. You love its style, floor plan, and views. The neighborhood looks great. You've also done the hard work of reaching an understanding with the seller on price, signed a purchase agreement, and made an earnest money deposit. The home inspection went well, your loan has been approved, and your excitement builds as the big day of closing approaches. For most of us, the purchase of our home is the single biggest investment we ever make. We certainly don't want any last minute problems to threaten the transaction. Please take a moment to review these points. They will help ensure a successful, trouble-free closing.

Call (804) 864-2877

Metro Title & Settlement Services, LLC

The key to a stress free closing!

Metro Title & Settlement Services, LLC

(804) 864-2877

do I need title insurance?

Most definitely! Title insurance is a means of protecting yourself from financial loss in the event that problems develop regarding the rights of ownership to your property. There may be hidden title defects that even the most careful title search will not reveal. In addition to protection from financial loss, title insurance pays the cost of defending you against any covered claim.

BUT THE LENDER ALREADY REQUIRES TITLE INSURANCE. W0N'T THAT PR0TECT ME?

Not necessarily. There are two types of title insurance. A Lender's Policy insures that your lender has a valid lien on the property. Most lenders require
this type of insurance and will typically require the borrower to pay for it. An 0wner's Policy, on the other hand, protects your interest in the property. Title troubles, such as improper estate proceedings or pending legal action, could put your equity at serious risk. If a valid claim is filed, in addition to covering the financial loss up to the face value of the policy, your owner's title policy will pay for the cost of legal defense.

Some title problems may show up months or years after the original purchase of the property. The following are examples of some of the matters that can cause loss of title or an expensive lawsuit: - Forged deeds, releases, wills or other legal documents - Failure of spouses to join in conveyances - Undisclosed or missing heirs - Deeds from minors, aliens or persons of unsound mind - Errors in indexing of public records - Liens for unpaid taxes including estate, inheritance, income or gift taxes - Erroneous reports furnished by tax officials - Mistakes in recording legal documents - Deeds from defunct corporations - Unprobated wills

should I shop around for the best title insurance deal?

Some states closely regulate rates. Others permit open competition, which often results in significant differences in rates and coverage between title insurers. Depending on where you live, it pays to investigate your options carefully in order to obtain the most complete coverage. You also want to work with a title insurer that responds readily to your needs and performs its complex tasks with great accuracy. It is vital, too, that you choose a title insurance company with the financial strength and stability to meet its obligations, through good times and bad, over the long term.