Title Insurance and Clearing
It is important to protect your right to own your home free and clear of other people’s claims! It’s troubling to think that a fraudulently signed deed or a death in the chain of title could jeopardize your home. And it’s disheartening to find out that someone else’s mortgage still shows as a lien against your house. Dorner Law, however, has the expertise and the experience with title issues to help get the issue resolved. Home Owners, Brokers and even other Attorneys seek out our assistance when problems arise!
There are two types of Title insurance, Lender’s Title Insurance and Owner’s Title Insurance. The Lender’s policy insures that the mortgage is in first place position and insures the Lender’s right to be the first to foreclose on the property. It offers no protection for the home owner.
An Owner’s policy insures the Home Owner’s right to own the land free and clear of other people’s claims, for instance, free and clear of someone else’s mortgage, lien or ownership interest. It also protects you from fraud, registration errors and much more. This is one of the only protections available to Home Owners in Massachusetts since Sellers do not provide a Buyer with any warranties of title and hazard insurance covers the condition of the property, not the title. Unlike many other states, in Massachusetts we use Quitclaim Deeds so the Seller only sells you what they have and does not promise that what they have is good.
Owner’s title insurance is an important protection. For a one-time fee you will get protection for your entire purchase price for as long as you own the property. If a problem arises, the Title Insurance company will clear the title, defend your right to own the property, or pay you back your purchase price if the problem can’t be fixed.
Title Clearing Services
Mortgages are common in the world of real estate. Unfortunately, many mortgage lenders have traded loans around like baseball cards and failed to properly document the trades. Furthermore, mortgage lenders have routinely failed to properly remove mortgages that have been paid in full from the property’s title.
Unsuspecting owners are therefore left with serious title defects. Sometimes even for loans that belonged to prior owners!
At Dorner Law we specialize in fixing the mess that mortgage lenders can make of your title. Unlike most real estate law firms, we have in-house personnel who have the expertise to clear these issues and who have the contacts needed to do it quickly. When no one else can do it, Dorner Law can!
For a more in depth discussion, feel free to call Dorner Law as we are happy to talk with you and give you real life examples of how title insurance has helped our clients.