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The Necessity of Title Insurance & Inspections
In the process of purchasing a home there are two vital steps that are sometimes overlooked. Unfortunately these are two of the most important steps and have more potential to cost the buyer extra money than any others. These steps are the securing of title insurance and a proper home inspection. This article will explore these processes in further detail in an attempt to show the importance to any home buyer. It is of course important to see to all aspects of a home purchase with equal intensity to ensure you get the best deal possible but these two steps are sometimes shrouded in mystery and overlooked.
The title insurance is simply insurance that is obtained from an insurance company that insures the property title. This is done in order to make sure that the property's title is clear and free from hidden claims or liens. If this is not the case then hidden fees can suddenly spring up as creditors attempt to take their owed money out of the property. As this is money that you do not owe, having the previous owners clear this up is an absolute necessity. Liens can affect the closing of the sale and tie things up in paperwork for quite some time.
Home inspections are another area that is sometimes overlooked. At times, sellers will take an offer that skips the home inspection if there are multiple competing offers. This benefits only the seller. Be wary of any seller that wants to skip the inspection, they could be trying to hide aspects of the home that they know will not pass inspection and affect their bottom line. Concerns that arise during the inspection should be discussed between buyer and seller and it is typically the responsibility of the seller to fix any concerns unless a different agreement is reached between the two parties. So be careful not to be taken advantage of during the home purchase process, you are spending a lot of money and deserve the home of your dreams.