O is for Owners,
T is for Title, scratchin’ temple
The last P, it’s pretty simple.
An Owner’s Title Policy could be the only thing that saves your asset from a huge financial loss.
OTP … It’s as simple as ABC.
For most people, owning a home is the cornerstone of their financial future. Over time, as your home builds equity, you can use that money to pay for college, supplement retirement or put a down payment on that beach house!
OTP can shield you from being sued if someone claims THEY own your land, or they have a lien against the equity, or they fixed the roof and nobody paid them. Protecting against claims does not just cover payment of loss. It also provides attorney support in court should things get nasty.
You ever had a bank and met a lender on a nice hello?
Well, banks do not mess around with their money. If you get a loan, they make you pay for a lender’s title insurance policy to protect them. Buyers have the option to purchase a policy to protect themselves, but this article is not about where you should or shouldn’t get a policy. … You absolutely should!
Hip Hop Hooray!
You are still reading so you must agree. Since we’re all down with OTP, let’s talk about how much it costs and the level of protection you want.
The cost is based on the purchase price of the home. It’s a one-time payment, good for as long as you, or your heirs, own the home. But you’ve got a couple of options to choose from.
First, you’ve got your basic policy. That protects you from liens in the history of your title through the date your deed is recorded in the public records. Basic policies are fine, but they do not cover everything.
Now when you buy a policy, do it well, and make sure that it counts.
If you want Treach-level protection, you need an enhanced policy. Enhanced Owner’s Policy provides expanded coverage to include:
○ Post-Policy Forgery
○ Post-Policy Encroachments
○ Post-Policy Adverse Possession
○ Post-Policy Easement by Prescription
○ Building Permit and Zoning Violations
○ Restrictive Covenant Violations
○ And a lot more
If you feel my flow, contact me to get a quote. We can talk specifics, and I will show you how to get down with a discount on a reissue rate.