Among the many factors to consider when buying a home, title insurance is one that can easily be forgotten. However, title insurance is a valuable asset when purchasing a new home, whether it is your first experience as a homebuyer or not.
The time it takes to protect can vary, but some factors can cause it to be faster than normal or take longer than normal. To make sure you have a clear understanding of how to plan your home buying journey, it’s important to learn more about how long it can take to get title insurance.
Reading: How long does it take to get title insurance
why get title insurance when buying a home?
Title insurance is one of those resources that goes unnoticed, until you need it. Those who choose to purchase title insurance are often relieved to discover that the insurance policy handles the financial burden of a deed or title after closing on their home, so they don’t lose their down payment or other monetary value.
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Title insurance protects a home buyer from unexpected problems with their home purchase, even years after the fact, such as the appearance of a previously unknown heir or the discovery of forgery or old liens on the property. A mortgage lender will always choose to obtain title insurance to protect their purchase, indicating that it is also a smart move for new homeowners.
what slows down or speeds up the process of obtaining title insurance
When you apply for title insurance, the insurance agency will search the public records about the title to your home to locate any potential issues, such as liens or encumbrances. Sometimes this information is readily available and there are no problems, in which case you can expect the insurance process to go fairly quickly and smoothly. It may only take a couple of weeks if your title is clear and the inspector can’t find anything wrong with the property’s history.
However, errors in the title, evidence of forgery, or other issues can delay title insurance approval while the inspector works to uncover the actual details of the title and determine what the truth of the matter is. The more complex the history of the house or the more errors or other problems are present, the longer it will take to get insurance.
Once issues related to the title have been determined, the inspector will begin the process of “cleaning” the title so that it is free of any issues. Any of these unresolved circumstances are addressed over a period of time called the healing period. For example, if the insurance agency sees that there is a lien on the property, they will either go through the process of obtaining proof that the lien has been paid by the lien holder or arrange for the lien to be discharged.
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If unexpected heirs to the property are discovered, they will be contacted and their claim to the property or its revocation will be properly documented. Most of the time, a prospective homebuyer is unaware of any of these projects being carried out by the title insurance agency, as they are simply waiting for the cure period to clear before they can move forward with their application. sure.
how long can you expect to wait
How long it takes to get title insurance will vary based on the variety of factors mentioned above. If your title is already clean and has no noticeable issues, you can expect to wait only about two weeks on average from application to approval. However, if your title shows issues that must be resolved before the application can progress, the length of your curing period may vary depending upon the specific details that are holding up the process.
agencies will work as quickly as possible to resolve any issues related to a title. Once you’ve secured title insurance, you’ll be protected not only against any problems the inspector finds, but potential problems as well.
trust experience title insurance providers
If you’re considering purchasing insurance for your new home, it’s important to do your research; remember to budget for this time on your timeline to secure a policy. An experienced provider like Mathis Title Company can help you understand your insurance options and walk you through any potential issues that need to be addressed before you can proceed. Call to schedule an appointment to discuss potential options for your home purchase and ask any questions you may have about the process.
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