Three Areas to Look Out For When Closing on a Property – and How a Lawyer Can Help
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It is essential that there are no unnecessary encumbrances on your title policy and that you have all of the insurance protection that you need. Having a lawyer review your policy and adding the proper endorsements is vital.
What to Look For in Title Insurance Policies
Any defects of the title
There will likely be a number of exceptions listed on the title policy. Its absolutely necessary to read through all of the recorded documents and exceptions to ensure there are no disqualifying problems with title.
In addition, the seller may have some defects in the title that it needs to clear. For example, there could be liens or deeds of trust on the title that need to be cleared before the sale.
Endorsements add additional protection to your insurance policy. It's very important to know which endorsements you need for your property purchase and how to add them.