Planning on Selling Your Home?

If you're thinking about selling your home this year, you're not alone.

Trulia recently conducted a survey of over 2,000 U.S. adults in order to forecast homeownership for 2018. The results show 31 percent of respondents expect 2018 to be a better year for selling a home than 2017 – and only 14 percent expect it to be worse.

So for those of you planning to sell, here are some ways to prepare your home.

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Why Title Insurance is Necessary on a Newly Constructed Home

Title Insurance is recommended for every home, even if the home is newly constructed and has no title history. Why you ask? Because your new home was built on property that may have had multiple previous owners.  With those previous owners, comes many opportunities for debt and uncertainty of a clear chain of title. Additionally, obligations to contractors who worked on the home construction may be outstanding, jeopardizing a clear title to the property.

Need a refresher on what Title Insurance even really is? A few months ago, we wrote a short piece explaining what title insurance is, why you need it, and what could happen if you don't purchase it. You can find that post here

Quick Recap: What is Title Insurance? 

Title insurance protects the home buyer from a financial debt or loss related to the property currently occupied. Having title insurance will protect the buyer against any seller who didn't truly have the rights of ownership to the property in the first place, and are now trying to sell it without rightful ownership. When buying a home, it is recommended you partner with a title research company, such as Hamlet Title Agency in New York, to check the property's ownership history. The history can date back hundreds of years and all documents and blueprints need to be thoroughly checked in order to have your new home be deemed a "clear title". 

Is title insurance on newly constructed home necessary?

Unlike home insurance and car insurance, which focus on possible future hazards, title insurance safeguards against loss from hazards and defects already existing in the past. A policy with Hamlet Title Agency offers you the best protection from risk exposure associated with the purchase of a new home.

When a new home is financed, lenders almost always require that a lender's policy of title insurance be purchased, which protects the lender. This coverage does not offer protection for your own investment. Only an Owner's Policy helps protect your interest. In fact, a bank's loan policy only covers the amount of the mortgage and only lasts until that debt is settled. An Owner's Policy offers you protection for as long as you or your heirs have an interest in the property.

Looking for the cost of title insurance in New York? Use our Free Title Insurance Calculator title insurance calculator ny

Tony Bellettieri
ABOUT THE AUTHOR | Tony Bellettieri

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