Do I need Title Insurance for my Newly Built Home?
Do I need title insurance for my newly built home?
Yes, even though your home may be new, the land is not. Purchasing a home will likely be your most important investment so it makes sense to purchase an owner’s title insurance policy, which is designed to protect yourself against financial loss due to a defect in the title to the property.
The following list contains a few examples of how title to property could be found defective and potentially unmarketable:
- Improperly recorded legal documents not located in the proper chain of title
- Undisclosed heirs who have an interest in the property that was conveyed
- Court judgments acting as liens on the property
- Documents executed under false, revoked or expired powers of attorney
- Defective acknowledgements due to improper or expired notarization
- Gaps in the chain of title
- Forged deeds and other instruments, which did not properly convey title