Are you buying a home? You already know you need title insurance - it's like a shield protecting your ownership rights. The basic shield, called a standard policy, covers things like hidden errors in public records that could mess with your legal claim to the property. But what about surprises lurking after you move in?
That's where enhanced title insurance comes in. It's like adding extra armor to your shield. It covers everything the basic policy does, plus shields you from unexpected threats like hidden liens, restricted access to your property, or even your neighbor's fence creeping onto your land. This extra protection might cost more, but it can save you a lot of stress and money.
Exploring Enhanced Title Insurance
Consider standard title insurance as a basic security system for your home's ownership. It protects against common threats like faulty paperwork, fraud, and surprise heirs. But what about less obvious dangers?
That's where enhanced title insurance shines. It's like putting up extra security cameras and alarms. It still covers everything the basic policy does, but it adds protection for hidden problems that might pop up after you buy the house.
Imagine finding a hidden debt attached to your new home, like an unpaid tax bill. With enhanced insurance, you wouldn't be on the hook to pay it off. This coverage also shields you against issues like blocked driveways or unexpected zoning restrictions that could limit how you use your property.
And it protects you from a surprisingly common nightmare: your neighbor's fence or deck creeping onto your land. Enhanced insurance takes care of no more awkward conversations or legal battles.
Who Bears the Cost?
In Virginia, buying a home typically involves paying for both homeowner's and lender's title insurance. The homeowner's policy protects you from issues with the property's ownership history, while the lender's policy protects the bank or mortgage lender. The cost of the homeowner's policy comes from the property's value, usually a few hundred dollars. You'll also need to pay for the lender's policy, which is standard practice in Virginia. To save money, consider bundling both policies during closing.
The type of homeowner's policy you choose affects the price. A standard policy covers risks before you buy the house, while an enhanced policy also covers some risks after closing. Enhanced policies typically cost about 20% more than standard ones.
The Closers
Are you looking to close a smooth deal in Virginia? Look no further than The Closers of Virginia, LLC, your Hampton Roads experts! They've been helping folks with title insurance and other closing needs for years, whether you're buying, selling, or even going solo with a For Sale By Owner deal.
And guess what? The Closers partnered with Stewart Title Insurance, a national leader in the game. These folks are known for their cutting-edge solutions, flexible approach, competitive prices, and, most importantly, doing things right. So, regarding your Virginia real estate transaction, you can rest assured you're in the best hands possible. Call 757-595-4707 or fill out the online form to learn more.