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Overland Park Real Estate Title Insurance

Overland Park Real Estate Title Insurance


Buying a new home is the single largest financial investment for most families but there are risks. What if the seller doesn’t really own the home? What if there are mortgages, judgements or liens against the property? What if the property taxes have not been paid for several years? Overland Park real estate Title insurance protects you against these types of risks and against the risks of human error. It is your basic home ownership protection.

Protection from Past Events

Overland Park real estate Title insurance protects you against future losses arising out of events that have happened in the past. Unlike other types of insurance, title insurance is paid when the policy is issued and is good for the life of the policy. The premium required is based on the amount of the sale or the mortgage.

Two Types of Overland Park Real Estate Title Insurance

A mortgage policy that insures the lender remains in effect until the loan is paid off. An owner’s policy insures the buyer and remains in effect as long as the owner or the owner’s heirs own the property. An owner policy may cost a little more than a lender policy. For example, an owner policy may run somewhere around $3.50 per $1000.00 of home value while a policy for lender protection may run in the neighborhood of $2.50 per $1000.00 of home value.

The Overland Park real estate Title Company searches and examines public records to determine if any problems with the title exist. Your real estate agents works very closely with the Title Company to help clear up any past clouds that may affect the transfer of title to the new owner.

Should You Forego Overland Park real estate Title Insurance?

Buyers can be tempted to save money by foregoing a title search but the risks are heavy because title problems are many and varied. Some typical problems that title searches have uncovered include a second mortgage on a home that does not appear to have been paid off. The sellers borrowed money years ago from a parent who insisted that a second mortgage be recorded. The loan was repaid but the title wasn’t cleared. Another typical problem occurs when an owner had work done on the property but for one reason or another failed to pay the contractor in full. The contractor filed a mechanic’s lien on the property and it has never been removed. These are liens on the property and if you take title to a property without clearing these liens or encumbrances, you may be responsible them.


Alternatives to Overland Park Real Estate Title Insurance

Attorney’s can provide a record search and opinion known as a Certificate of Title. In this method, the attorney examines the abstract and gives a written opinion as to the title including who the owner of record is and the attorney’s opinion on whether anyone else has any right to or interest in the property.


Elegant Homes and Luxury Communities in Prime Locations

Barbi Leonard - 816-590-7885  

barbileonard@kc.rr.com

Sheral DeVaughn - 816-585-3800

sheral.devaughn@mac.com