If you plan to buy a Chicago property, the sooner you learn about title insurance, the better. For many first time Chicago real estate buyers, the first time they hear about title insurance at the closing of their Chicago property. This article presents the basics of title insurance for protecting your new Chicago real estate acquisition. What is Chicago Properties Title Insurance? When you buy a new car, do you insure your car? Of course! When you apply for car insurance, does the agent ask to see your title? Of course! Thats the basic idea behind Chicago Properties title insurance - to protect your Chicago real estate investment. The mortgage lender requires proof you own the Chicago property and no one else has a lien on your property. The chances or securing a Chicago real estate mortgage without title insurance are like the Chicago Cubs winning the pennant this year only better! Title Insurance - NOT Casualty Insurance Casualty Insurance such as car insurance assumes risks for damage to your car or other property. When you have a covered accident or loss, they pay you. Title insurers earn their money by finding and eliminating risks to your Chicago property BEFORE you sign the contract. The amount of money involved is so LARGE, there is no room for mistakes. The Chicago real estate buyer and Chicago real estate seller both want the deal for the Chicago property to go through and title Insurance is the vehicle to close the deal. Title Insurance Benefits Chicago Properties First you should be healthy and live to a ripe old age in your new Chicago property Because the problems that could befall you without title insurance could endanger your health such as investing your life savings in a Chicago property only to find you dont have a clean title to it and wind up in court. The lawyer fees alone will set up back a small fortune or a big one depending how long and costly the fight to secure title to your Chicago property. Chicago Properties Title Insurance Policies Title insurance policies come in two types of policies: An "owner's" policy which insures you, the homebuyer and your heirs . The other type is a "lender's" policy to protect their security interest in your Chicago real estate acquisition. As opposed to car insurance, the title insurance premium is a one time payment based on the size of your Chicago property purchase. Also, shop around for title insurance to save money better spend on your new Chicago property. Happy Home Hunting! |
