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The Advantages of Purchasing an Attorney-Written Title Insurance

Title

Title insurance protects the buyer of a home or land against loss of the property should there be later discovery that the title of the property was “imperfect.”  Imperfect title is a legal term of art that means that someone has a claim (whether legitimate or illegitimate) to the property.  Imperfect title could also mean that the description or recording of the property on the deed is erroneous.  It is important to secure title insurance when purchasing real estate to avoid any future financial or property loss. 

Title Insurance 

Title insurance is often offered at closing. Although title insurance is not mandatory, many lenders and banks require it. If a lender or bank does not require title insurance, it is wise to obtain it. When shopping for title insurance, buyers must keep in mind that the best kind of title insurance is the kind that is written by an attorney.  The buyer should inquire with the insurance company as to its procedure for writing its title insurance.  An attorney-written insurance policy is a more powerful document than one written by an affiliated non-attorney. An affiliated non-attorney could be an individual or group associated with lender, the bank or the title company.  

An Attorney Will Have a Better Understanding of Title Issues 

One of the primary reasons why attorney-written title insurance is a better option is because an attorney has a better handle of the legal issues.  Given an attorney’s knowledge of the legal issues and how defective title can affect the buyer of the property, they are more attune to the remedies available if a defectiveness issue arises. In addition, attorneys who write title insurances are usually affiliated with real estate law firms.  These real estate firms are often well versed in litigating disputes surrounding imperfect title as well as recording and deed errors. Given their experience with what can go wrong with title, they are better suited to craft a document that addresses those critical issues. 

An Attorney Will Have a Better Understanding of Legal Outcomes and Resolution 

Insurance policies are all about making the policyholder whole after a defect comes to bear.  This is why the legal knowledge of an attorney is so essential. They are experienced in the area of how defective title is remedied.  With knowledge of the law comes knowledge of legal outcomes and how issues are resolved.  This knowledge is transferable to crafting legally appropriate routes for dealing with title errors. This includes stating dollar amounts that are at issue if a problem arises as well as identifying the party that bears liability. 

West Palm Beach Real Estate Attorney 

Land sale and real estate transactions are very nuanced. With a secure title, you can rest assured your property is yours to keep. West Palm Beach attorney Law E. Bray has years of experience advising on real estate issues.  We will tailor advice based on your unique circumstances. Call the Law Offices of Larry E. Bray, P.A. to determine the title insurance that best fits your needs.

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