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Boring Title: 6 Surprising Reasons a Title Company & Title Insurance is Important

Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly column will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers. 

For many people across Northern Virginia, buying a home is one of the biggest investments they will make in their lifetime. That’s why it is so important to make sure that your investment is protected.

Believe it or not, there are many reasons why title insurance and working with a reputable title company is so important. Here are the most common and unexpected reasons you absolutely need title insurance.

1. Proper Record-Keeping

When you use a title and escrow company to process your sale, this means there is a proper record for who owns the home and land. This helps protect your investment while you own it and when you want to sell it.

2. Avoid Scam Artists

Even in this day and age, there are scam artists that can forge documents and pretend to own a property. These types of people may approach you as not wanting to go through the proper channels to buy a home.

You could find later that they were not the legal owners of a home and therefore you are not the legal owner despite any money exchanged.

3. Undisclosed Estate Issues

Even if a home is not sold directly as a result of an estate sale there could be issues with a will regarding who owns a home. If someone doesn’t have full ownership rights they can’t sell the home legally. Title insurance can help protect you from undisclosed issues down the road.

4. Fencing or Illegal Building on Your Property

Whether you have a lot of property or a small piece of property, encroachment of fencing or buildings onto your property can be an issue. Just because a building or fence is there does not mean that it was permitted, approved or on the property line. A good title and escrow company can help you understand what you own and what you need to protect.

5. Legal Disputes

Anything from divorce, bankruptcy or disputes regarding payments on renovations can put the title of a house at risk. If you buy a house with outstanding lawsuits or potential lawsuits, you might have legitimate liability as a new buyer if you don’t have title insurance.

6. Mistakes

In any industry errors and omissions can happen. Title insurance protects you from overlooking something regarding your property and its legal ownership.

An example is that it’s possible that an heir was never put on the deed and as a result that person could come back years later saying they own 50% of your property. If you don’t have title insurance you could have to pay the heir out of your own pocket which could be worth hundreds of thousands of dollars.

Whether it is a boundary issue or defects in the title, title insurance can provide you with some peace of mind and help secure your largest investment.

Title Tip of the Week: Always choose the enhanced policy over the standard policy when purchasing a single-family home or a newly constructed condo. The enhanced policy protects you against boundary disputes and also increases the policy’s value 10% a year for 5 years.

An example is a $1M house would be covered $1.5M within 5 years. If you would like to learn more about the standard and enhanced policies, click here.

Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!

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_”The Aachen exchange was an eye-opening experience where I was fully immersed in the life of a German student. I loved biking through the countryside to Belgium, having gelato and picnics in the town square, and hanging out with my German host student’s friends. My first time out of the country, the Aachen exchange taught me to keep an open mind, because you never know what could be a life changing experience.” – Kelly M._

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Learn about the new assessment of Arlington’s urban tree canopy and the many ecological and social benefits trees provide. Staff from the Green Infrastructure Center (GIC) will share study results and compare canopy cover for different areas of Arlington.The webinar will include assessments of ecosystem services such as stormwater mitigation, air quality, carbon uptake, and urban heat islands. For background on Arlington trees see the “Tree Benefits: Growing Arlington’s Urban Forest” presentation at http://www.gicinc.org/PDFs/Presentation_TreeBenefits_Arlington.pdf.

Please register in advance to assure your place at the webinar, https://attendee.gotowebinar.com/register/29543206508863839.

About the Arlington County Civic Federation: The Arlington County Civic Federation (“ACCF”) is a not-for-profit corporation which provides a forum for civic groups to discuss, debate, inform, advocate and provide oversight on important community issues, on a non-partisan basis. Its members include over ninety civic groups representing a broad cross-section of the community. Communications, resolutions and feedback are regularly provided to the Arlington County Government.

The next meeting is on Tuesday, February 21,2023 at 7 pm. This meeting is open to the public and will be hybrid, in-person and virtually through Zoom. Part of the agenda will be a discussion and vote on a resolution “To Restore Public Confidence in Arlington County’s Governance”. For more information on ACCF and this meeting, go to https://www.civfed.org/.

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Submit your own Announcement here.

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