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What is Title Insurance?

Ownership records of property often have errors in them. Title Insurance saves the day here. Title insurance is that type of insurance that works by covering all potential damages – small or big, resulting from errors in records of ownership of your property. It is usually purchased when you get yourself a mortgage. A policy caters to one of the two – the homeowner or the mortgage lender, by covering and safeguarding them. However, you’ll most probably end up paying for both types, which is included in your closing costs.

It must be clear that the title insurance pays the policyholder in case there is something wrong with the property’s title. In the United States, one who records the deeds isn’t responsible for any sort of error in record-keeping. Perfection shouldn’t be expected since they don’t guarantee that in the first place. This ignores the existence of anyone with an older document, and the possibility that they might press claim on the property you just purchased if at all, there is any evidence of fraud in the past. Thus, title insurance either provides for the cost of perfecting the imperfect title rights or compensation if you end up losing the property.

The aforementioned lines cleared that only one – either the homeowner or the lender (the financier of the mortgage for the property), is covered by the title insurance. These lenders expect you to pay for lender’s title insurance, the expense duly included in your mortgage closing costs. On the contrary, the homeowner’s title insurance is often optional. Either the seller or the buyer of the property pays for it. Its coverage begins the moment the policy is bought, extending indefinitely into the past. Doing that, it covers all sorts of inconsistencies in the recorded history of ownership.

Reasons to Buy Title Insurance

A lender’s title insurance is to be purchased by default in the mortgage process. Buying a buyer’s title insurance is not mandatory. Still, being the owner of the property, buying a title coverage for yourself doesn’t hurt. This can offer you compensation for damages incurred and legal expenses that you’ll bear in various situations. The insurance offers protection from the issues listed below:

  • Previous easements and liens on the property that went unreported before,
  • Transfers of ownership rights of property counted as forgery,
  • All sorts of errors in the recording of documents, and
  • All other title defects that were present before the policy opted.

It’s not hidden that the real number of claims paid out to people who purchased title insurance remains very small. However, land recording in the United States is open-ended in nature. This implies that there are various scenarios, no matter how unlikely, where title insurance can help you save your wallet from falling prey to the truckload of legal fees. In case you’re buying a foreclosed property or one with a troubled past, the chances of a defective title shoot up. In many intricate situations, history shows that people have successfully saved themselves by gaining compensation for the forfeiture of the whole property – credits to title insurance.

How Much Does Title Insurance Cost?

The most common price range, for the compulsory lender’s title insurance, can lie anywhere between $500 and $1,500. It depends on the state and amount of money you wish to borrow in your home loan. Location remains the most influential factor that defines the expense of both the compulsory lender and optional homeowner insurance policies. Title insurers are held to different standards, depending on the state. Some jurisdictions instruct the insurer to shed sweat to confirm the history of the title. This ends up raising the overall cost of providing the title policy as a consequence.

Although optional, the homeowner’s title insurance happens to be much more expensive than the lender’s title insurance. You can end up spending any amount ranging from $700 to $2,000 on the same. The cost of the insurance can be raised by a higher loan amount, lesser down payment, and credit score. Sure, you can skip the homeowner’s title insurance and save a lot. But it would be best if you understood that this insurance policy doesn’t expire ever and holds the potential of protecting you from issues that surface long after you’ve sold the property.

Also, you can always negotiate with the seller and lender, trying to convince them to share the title insurance expenses. This, however, is a customary matter varying from state to state. Some jurisdictions require the seller to pay the entire expense for the homeowner’s title insurance covering the buyer. In case a foreclosure sale is made, the lender is the one that solely exercises the right to the associated property. He may even choose to bear the usual expense for your homeowner’s title insurance. That being said, it is still advised that you ask for a separate title search while buying a foreclosed property. This makes sure that the property is free of all sorts of competing claims.

Having answered the 3 major questions – “what,” “why,” and “how much,” let us tackle the smaller ones.

Whom Should You Trust?

One generally seeks advice from the seller, the real estate agent, and the mortgage lender. While these people can be of different opinions, it is advised to listen to the lender. Both you and your lender share a common interest – getting done with these things well. The lender essentially guarantees you a large amount of money, assuring you that the property you choose to use as collateral is, in fact, actually yours.

Is There A Chance That The Seller Might Be Pushing A Particular Title Company?

You’re the one paying for the title insurance; hence you possess the right to choose the company. If you’re not the one on the paying end, and still wish to select the company, brace yourself to bear some of the expenses. You should always beware if you find the seller pushing his title company. A title search is responsible for finding errors before the purchase is made. Choosing the same company that the seller did long ago increases the chances of getting the same outcome. Often, searchers resort to using the summary of records and not the entirety of actual records. This leaves room for errors to go unnoticed. A fresh look from a new company can put issues in light, thus allowing you to fix them before purchasing.

What Are The Best Companies For Title Insurance?

Many companies offer title insurance through attractive policies. A few major national companies include First American, Old Republic, Fidelity National, and Stewart Title. Most of these major insurers provide quotes online if you provide them your mortgage information. The growth of usage of the Internet has made the title insurance industry take a much more efficient direct-to-consumer approach, thus making it easier for you to go through the different prices offered all by yourself.

It only makes sense that you get the right title insurance. It can very much provide compensation for damages and/or legal expenses in many different situations. It spares you the burden of lightening up your wallet in case an error in the ownership record is found. People tend to ignore buying title insurance to spare a huge expense. You might have to pay a huge deal for this short-term relief in the future. Hence, it is advised never to skip this important step in purchasing a property. There is a big market full of options. Choose wisely, and rest assured that you won’t face unexpected “surprises” in the future.

Florinda Shuff
Florinda Shuff
04:53 21 Jan 20
I got an amazing job offer down in Las Vegas and needed to sell my house fast. First, they explained everything to me and how it all works (selling your house for cash). The process was pretty easy and quick which I appreciated greatly!!
Freddy Aleman
Freddy Aleman
18:47 27 Dec 19
My wife and I recently bought a home from Casey Ryan. The home we purchased is located in Centennial Hills. Gorgeous remodel. Casey and his team did a great job of designing the home. We ran into a couple of issues shortly after moving in. Casey had his people out quickly during Christmas week to make a couple of repairs. He gave my wife and I peace of mind during a chaotic holiday week and for that we will always appreciate him. I would recommend a Casey Ryan home to my friends and relatives.
Angela Rienstra
Angela Rienstra
21:06 26 Dec 19
I needed to sell my house from out of state ASAP. I looked into some other larger name companies and was disappointed with their turn-around time and lack of customer service. I'm so grateful to have found Ryan (and Kelly)! They understood my time crunch and moved heaven and earth to buy my house at a fair price and closed by the promised date. They were with me every step of the way and offered world class service! 100% would recommend to anyone!
Sue Kuckelmann
Sue Kuckelmann
17:02 16 Nov 19
We couldn’t be more pleased with the service provided. From start to finish the team was professional and extremely helpful. All the deadlines were met or exceeded even when I was in Arizona and my husband was in Las Vegas. I would recommend them to anyone who is looking to sell in Las Vegas.
Sam Thompson
Sam Thompson
17:47 25 Oct 19
Great people and very professional. Treated me and my situation fairly and with care.
Mandy Majano
Mandy Majano
01:49 07 Oct 19
They did exactly what they said they would. Great company! Highly suggest!
Anthony Montonini
Anthony Montonini
01:31 07 Oct 19
Thank you guys. We were selling our house to Casey And Ryan and there was some HOA liens that totaled over $40k and they met with the HOA board with me and got them reduced to less than $5k so I walked away with $35k more than I thought I was going to. True professionals!
Nicole Dur
Nicole Dur
01:20 07 Oct 19
My grandma needed help selling after my grandpa passed :( anyways I found them through google and they really treated her like their own family. And let us leave a lot of the stuff she had accumulated over 40 years in the house. Thank you Casey and Ryan!!
pat rolman
pat rolman
01:13 07 Oct 19
These guys have true character. We signed agreement to buy my house then my situation changed and they didn’t force me to move forward. Then 2 months later I needed to sell it and they helped me find a new place any everything. They are really Great people.
I love crafts and sparkly things
I love crafts and sparkly things
00:06 24 May 19
This was so easy Casey was very helpful and kept in contact through the entire process thank you again for everything. Highly recommend this company.
Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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