Need For Mineral Owner Search In Midland And Andrews, TX

Posted by EctorCountyAbstractTitleTX on January 22nd, 2021

Buying property is a huge investment that could blow up all the savings at one go. The prospective homeowner would have to arrange for additional funds to establish ownership over a coveted property. True, one can always apply for a home loan and decide to pay off the mortgage bit by bit. Surprisingly, one would also have to consider buying title insurance in Midland and Monahans, TX, to obtain ownership of the fair and clear title. It is confusing for the first time home buyer who needs to check the facts to be informed about the expenses.

Well, title insurance serves to protect a property owner from claims made on the concerned property. Sure, a title search is conducted to check all records of the said property. Still, certain records may be missed out with liens and fraudulent activities coming to light years after the new owner secures the property title. This insurance covers the legal expenses made to protect the property and offers compensation to the insured individual if the court decides to allocate it to the claimant.

The title insurance will also cover the risks taken by the lender. The buyer is legally mandated to pay for the lender’s insurance too. The cost is added to the closing costs of a mortgage loan. However, the purchaser is also offered a homeowner’s title insurance along with the lender’s insurance. This is optional, with the new homeowner having the provision of forgoing this expense. Experts beg to differ here, though. They think that it is a good idea to have the property title covered by insurance to remain protected from several legal claims on the property in the future.

Reasons to buy homeowner’s title insurance

Protection- Buying a home or any other kind of property is likely to be an enormous investment that an individual makes. Merely taking care of the house by maintaining it correctly is not the extent of protection that one can offer for the property. It is necessary to safeguard the rights on the said property for a lifetime, with the heirs being free to inherit it. Paying a simple fee for one time secures the rights to the tile with the legal expenses that may arise in the future is taken care of as well.

Reduced Risks- Any discrepancy arising from the property title rights are covered by title insurance. The homeowner can therefore remain protected from the following unforeseen instances.

· Property sold with forged documents

· Identity theft committed for selling of property

· Flawed historical records

· Imperfect search conducted due to clerical error

· Pending property tax payment

· Existing Liens or judgments

· Unknown individuals claiming rights on the property

· Legal action brought against the previous owner for misuse of property

The company that conducts title and abstract search may be hired for mineral owner search in Midland and Andrews, TX, to obtain ownership rights on the land.