Why Do I need Title Insurance - Wolverine Lake Real Estate

Here are some reasons why you need Title Insurance when looking at Wolverine Lake real estate:

When you buy a Wolverine Lake home, you want the home to be clear and free of past water bills, past taxes, and that there are no liens on the property. We assume that the person selling it to you has the right to do so and that you are getting the property unencumbered. 

Unfortunately, this is not always the case, and when it isn't, a number of different problems can arise. For example, if the previous owner owed back taxes on the property then a tax lien may have been places on the house. The seller may owe the IRS money and they have a lean on the property. The seller or even another previous owner may have had some work done on the home and did not pay the contractors. There might be a mechanics lien on the home. In all three of these cases, that would mean the city, the IRS, and the contractor had a claim to the property you are buying. This also means that you may end up having to pay the IRS, the city or the contractor for the money owed (especially if you ever wanted to try and sell the house). 

This could add up to major financial problems and financial loss to you. You may not have enough money to even sell the house. You may have to short sale it, or let it go to foreclosure to satisfy past liens. Title insurance takes on the risk of that loss for you. If a title company said you had clean title and provided title insurance for you, and then it late turned out that there was a mechanics lien on the home, the title company would have to pay off the balance. That way you would get the free and clean land ownership you were promised. 

That is why owners provide title policies and your mortgage company requires you to buy a mortgage policy to protect their interest. Title insurance is a good thing and you should never close on a Wolverine Lake home without title insurance. I hope this better explains title insurance for you. If you have any other questions about home buying or selling process in the Wolverine Lake area, please contact me

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