Four Ways Title Insurance And a Real Estate Attorney Dallas Can Protect Your Home Ownership Rights

What is Title Insurance?
When you buy house, you should receive legal title to the property immediately. The title shows that you own the property, free and clear. A title is exchanged between the seller and buyer to complete the transfer of property. A homeowner needs title insurance as protection against property damage or loss because of liens or defects in the property title. A title insurance policy protects property owners against defects, damage and property rights issues that arise from events which took place before you owned the property. You purchase title insurance when you close escrow. There are title companies that deal exclusively with this type of real estate insurance. You should consult a real estate attorney Dallas TX to help you with title insurance and related matters, especially if you are buying a home for the first time and find contracts, taxes and escrow confusing.

Here are a few reasons you need title insurance to protect your home and investment. They all involve events unbeknownst to you at the time of sale.

1- An undocumented alien or other unauthorized party signed the prior deed

If it can be proven that a minor, illegal alien or a person misrepresenting his or her stake in the property signed the prior deed that may negate the enforceability of the past ownership and void the title transfer. A real estate attorney Dallas TX can help protect your rights and ownership in such a case.

2- The previous owner's will is discovered after you buy the house.

The state can sell a house if the owner dies without a will. If a will is discovered after you've purchased a home from the state, the person named in the will as heir to the property will contest your ownership. This is one of the most serious threats to maintaining ownership of your home, so title insurance and a knowledgeable real estate attorney Dallas TX are invaluable assets in the fight to retain your property.

3- Clerical Errors

Filing, spelling or computer errors can jeopardize your property ownership. Even though clerical mistakes are unintentional, they can be costly to correct. Even when errors are acknowledged as such quickly, changing the paperwork and securing your rights may take some time. Your real estate attorney Dallas TX may be able to expedite legal proceeding in this type of case.

4- Liens and Debts Incurred by Prior Owners

The property's former owners may have unpaid bills. Creditors can place liens on your property to recoup that money, even though the debt is actually the previous owner's fault. This is a common occurrence with homes in poor physical condition - "fixer-uppers" or distressed properties. Always try to find out about possible liens or debts by previous owners beforehand when buying a bank-owned or distressed property.

The Hays Law Group PLLC in Plano, Texas and Alamo Title Group specialize in title and title insurance related issues. We've handled over 10,000 residential and commercial transactions over the past 20 years. Our other services include real estate closings, tax deferred property exchanges and representation of corporate and individual real estate clients. Call us today at 972-347-0940 for more information.

Real estate attorney Dallas
Hays Law Group
5151 Headquarters Drive, Suite 110,
Plano, Texas 75024
972-347-0940

http://hayslawgroup.com/ . You should consult a real estate attorney Dallas TX to help you with title insurance and related matters, especially if you are buying a home for the first time and find contracts, taxes and escrow confusing. Call 972-347-0940

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