About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.

Title Insurance: Protecting Your Home

The two basic types of title insurance that can be obtained for your home are “Lender’s Title Insurance” and “Owners Title Insurance.”

Lender’s Title Insurance Policy – When you obtain a mortgage on your property, the lender will require a Lender’s Policy for the transaction. This will provide protection for the lender in the event there is a title claim against the property. However, the lender coverage will only cover the lender’s interest if the investment not the owner’s. A lender’s title policy is typically issued for the amount of the mortgage and not the value of the property.

Owner’s Title Insurance Policy – An owner’s policy is issued on behalf of the owner of the property and is designed to protect the owner from title discrepancies. The premiums for owner’s title are typically based on the value of the home. Generally an enhanced owners policy is available that provides coverage for more risks not covered in a standard owners policy. The small additional cost of an enhanced owner’s title policy in comparison to the standard policy far outweighs the amount of extended coverage of title defects that you obtain with the enhanced policy.

Common basic coverage protects against:

  • Someone claiming an ownership interest in your title
  • Leases, contracts or options affecting your title
  • Someone claiming to have rights affecting your title due to forgery or impersonation
  • Someone having a right to limit your use of the land
  • Unmarketability of your title
  • Title defect.

In addition to the basic coverage listed above, some examples of covered risks* in a typical enhanced policy may include:

  • Zoning violations
  • Subdivision law violations
  • Improvements that encroach into an easement
  • Building permit violations
  • Covenants, conditions and restrictions
  • Lack of vehicular and pedestrian access
  • Damage to your home caused from someone with easement rights
  • Someone refuses to buy your land because your neighbors’ structures are on your land
  • Your house or lawn and trees are being damaged by someone with rights to dig a well or mine.

*Some coverage’s are subject to deductibles and liability caps.

There is a long list of available risks that you may get coverage for with an enhanced owner’s policy. It is always recommended that you compare cost, coverage’s, and policy types.

As you can see it is very important to know what your title insurance will cover and what it will not cover. Let’s face it, buying a home is one of the single biggest purchase’s most people will make in a lifetime and making sure that your investment is covered against title defects is equally as important as protecting that asset.

 

About The Real Estate Group

The Real Estate Group (TREG) "Partners in Excellence"

The mission of The Real Estate Group, LLC is to be Hampton Roads finest provider of real estate services. Our goal is to create a company that provides absolutely the best service for our customers by fostering an environment of teamwork and a common vision. The Real Estate Group, LLC consists of an accomplished team of skilled professionals who take pride in their work and their company. We work hard to go beyond the expectations of our customers, agents, and employees.