When you purchase a property, it can be one of the biggest investments you ever make. While buying a property is exciting, it can be a complicated process that requires several steps. One of the most critical steps that you shouldn’t overlook is purchasing title insurance. Title insurance protects you from potential losses resulting from defects in the title, and it’s essential to make sure your investment is safe and secure.
What is Fidelity Title Insurance?
Fidelity Title Insurance is a type of title insurance that protects homeowners and lenders from risks related to the property’s title. It covers losses resulting from issues such as title fraud, liens, and forgery that may not be discovered during the title search process. Fidelity Title Insurance adds an extra layer of protection, ensuring that your investment is safeguarded from any potential issues that may arise.
What Does Fidelity Title Insurance Cover?
Fidelity Title Insurance covers several different types of risks that may arise during a property transaction. Some of the most common risks that title insurance may cover include:
Risks |
Examples of Coverage |
Undisclosed Liens or Encumbrances |
The title insurance policy covers the lender’s interests in the property in case undisclosed liens or encumbrances become known after the closing. |
Forgery and Fraud |
Protects you from any losses due to forgery or fraud related to the property’s title. It covers the costs associated with correcting or curing the title. |
Ownership Issues |
Covers you from losses resulting from defects in the title or ownership issues. It includes missing heirs, mistakes in the public records, and undisclosed easements. |
Why Do You Need Fidelity Title Insurance?
While some people may think that purchasing title insurance isn’t necessary, it can be crucial in protecting your investment. Without title insurance, you may not discover hidden issues with the property’s title until many years down the line, potentially resulting in significant financial losses. Fidelity Title Insurance provides you with peace of mind, knowing that your investment is protected, and any discovery of issues with the title is covered.
How Does Fidelity Title Insurance Work?
When you purchase Fidelity Title Insurance, you are buying a policy that will protect you from any of the risks mentioned above. The policy is paid for at the time of closing, and it can protect you for as long as you own the property. If any issues related to the title arise, you can file a claim against your policy to recover any losses due to the problem.
What Does Fidelity Title Insurance Cost?
The cost of Fidelity Title Insurance can vary depending on several factors, such as the property’s value, location, and the type of policy you choose. Typically, title insurance policies cost around 0.5% to 1% of the purchase price of the property. While it may seem like a significant cost, it’s a small price to pay to protect your investment from potential losses.
Who Pays for Fidelity Title Insurance?
The party responsible for paying for Fidelity Title Insurance can vary depending on the transaction’s terms. In some cases, the buyer may be responsible for paying for both the lender’s and owner’s policies, while in other cases, the seller may cover some or all of the costs. It’s essential to clarify who is responsible for paying for the title insurance during the negotiation process to avoid any confusion or misunderstandings.
Conclusion
Investing in a property can be one of the most significant financial decisions you ever make. While it can be a complicated process, taking steps to protect your investment can provide you with peace of mind, knowing that your investment is secure. Fidelity Title Insurance is an essential part of the property transaction process, providing you with an extra layer of protection from any potential issues that may arise with the property’s title. By investing in title insurance, you can ensure that your property investment is secure and protected for years to come.
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