This regularly-scheduled sponsored Q&A column is written by Adam Gallegos of Arlington-based real estate firm Arbour Realty, voted one of Arlington Magazine’s Best Realtors of 2013 & 2014. Please submit your questions via email.
Q. I just purchased my first home in Arlington, one that had only one owner over the life of the home. The home was also owned outright. When going over closing costs, I was told that the owner’s title insurance is optional. Given that this expense is upwards of $800, what is your take on buyers opting out of this?
A. The house may have had just one owner, but what about the land itself? It has had several owners over the last 200 years. There could be any number of title defects that affect the land.
If there are any title defects, a buyer can certainly pursue a claim against the seller under the covenants in the deed; however, will the seller have the assets to satisfy the buyer’s claim? Will the buyer even be able to find the seller years after closing?
That is the benefit of owner’s title insurance. A buyer is safe in purchasing realty because if there are any title claims, the title insurance carrier will be there to compensate any loss.
Not getting title insurance is like not getting auto insurance. Sure if you get into an accident and it’s someone else’s fault, you can sue them. But if they are without insurance and judgment proof, unless you have insurance, you have to absorb the loss yourself.
The response to this question was provided by Helen Krause and Nicholas Vlissides of NewWorld Title. I recommend contacting Helen at NewWorld Title for any of your settlement and title needs: [email protected]
The views and opinions expressed in the column are those of the author and do not necessarily reflect the views of ARLnow.com.
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Camps are just the beginning of what’s in store at Art House 7 this summer. We’re thrilled to offer an array of exciting classes for both kids and adults!Rediscover your creativity with some of our AH7 favorites, such as drawing, hand-sewing, modern embroidery, and our popular 3-week Jump into Crochet classes. But that’s not all! We’ve added some fresh and exciting options to our summer class selection, guaranteed to spark your imagination.
To enhance your artistic journey, we have intensified some of our Ceramics: The Wheel classes to a full 3-hour duration. This extended time allows for more creativity and skill development in each class session. If you’re eager for a captivating twist, give Contemporary Still-Life Drawing & Painting a go. Or why not try an immersive outdoor painting adventure? We have a unique opportunity for you to bring your painting skills to life while learning and creating in the great outdoors with our Landscape Painting: Studio and Plein Air class!
We invite you to visit our website and explore our full Summer Session schedule, brimming with a diverse range of classes and camps. Classes and camps begin June 20th. Unleash your inner artist, broaden your horizons, and embark on a summer adventure like no other. Let’s make this a summer to remember at Art House 7!
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