Why Do I Need Title Insurance?
Owning real estate continues to be one of the best and most secure investments an individual or business can make. Yet, it is not without risks. Title insurance is there to provide property owners with peace of mind, knowing that their investment, and often times, their home or business property, is protected against claims that could jeopardize their ownership rights.
The first step in obtaining title insurance is always a thorough examination of records to determine if there are any minor or major encumbrances to the property such liens, unpaid taxes, as well as shared access or right-of-ways. Even in the case of a false claim against your property, the cost and hassle of defending your property title is avoided by having title insurance in place.
What Is Title Insurance?
Title insurance is different from most other types of insurance policies you might purchase. Instead of protecting you from possible events or liabilities in the future, it protects you against unknown issues related to your property from the past. Even with a thorough search of public records, claims may arise, legitimate or otherwise, that could jeopardize your title to your property. The title insurance company will handle your defense against those claims with courtroom advocates specializing in real estate matters.
The other differences between title insurance and many other types of insurance is that there is only a one-time premium for the coverage, which extends over the entire time the purchaser owns the property. Title insurance can be purchased to cover both the property owner and the lender who holds the mortgage on a piece of property.
Why Select Milligan-Reynolds Guaranty Title Agency Inc.?
Milligan-Reynolds Guaranty Title Agency Inc. has been providing title insurance to property owners and lenders for over 75 years. We are one of the most trusted title companies in the state of Tennessee. Attorney on staff. CFPB Compliant. We offer mobile closing, locally owned and operated. We are licensed in Tennessee and Georgia.
We represent Chicago Title Insurance Company and Stuart Title, which are known world-wide and have an established reputation for financial strength, unequaled by any other title insurance company.