Worcester Title Insurance Lawyer

When you purchase a home, you are buying more than the structure and the property that it sits on. You are also buying its legal history, as identified in the title. If there is a problem in the title that was never uncovered during the closing, such as an unpaid lien, or some forged transaction, that problem is now yours. Title Insurance insures the parties against loss resulting from matters affecting title to the property. The policy essentially insures that nothing in the history of the title will result in a loss to the insured. The bank will require you to purchase Title Insurance for its protection. We recommend that you also buy an Owner's Policy to protect your rights in title as well.

Lenders Policy

If you are financing your purchase, your lender will almost certainly require you to purchase a title insurance policy in the lender's name as a condition of the loan. This is called the Mortgagee Policy and it is required by the lender to insure the validity of the mortgage as a lien on your property. The bank demands that their investment be protected.

Owners Policy

The Owner's Policy protects the Buyer for the entire value of the property and protects the rights of the Buyer as opposed to the bank. The lender's protections may not protect the owner. In any case, the lender's policy is only up to the amount borrowed. The Owner's Policy is for the full value of the property. Like the Lender's Policy, it is a one-time premium to purchase the policy. However, the while the Lender's Policy is mandatory, the Owner's Policy is not. We strongly recommend buying the Extended Owner's Policy. Attorney Casale has it on his own home and you should too.

What is Covered and Why Do I Need Owner's Policy if I Paid for a Lender's Policy? Almost all banks require a Buyer to purchase Mortgagee title insurance as a condition of the loan. They want to make absolutely sure that their investment is safe. Shouldn't you? The Lender's Policy only protects the lender's interests and then only to the extent of the amount borrowed. The Owner's Policy covers the entire value of the property and specifically insures the rights of the Owner. The Owner's Policy insures that:

• If your title is challenged legally, it will be defended legally and all costs, attorney's fees, and expenses associated with that defense will be covered by the insurer .
• You are the true, legal owner of the property.
• There are no defects, liens, or encumbrances other than those identified and listed in the title policy.
• You can sell your home to another buyer without being rejected because of a defect in the title you were unaware of when you purchased the policy.
• You have a legal right to access your property from a public street - or a privately owned point of access.
• The dollar amount of your coverage will automatically increase 10% each year for the first five years without any additional cost to you.

Expanded Coverage

In addition to the standard coverage detailed above, we recommend Expanded Owner Title Insurance Policy coverage, which in addition to the standard terms above, also insures that:

• You can use the land for a single family dwelling.
• There are no pre-existing leases, contracts, or purchase options that can affect your title nor easements affecting your property. Also there are no pre-existing violations of any recorded restrictions that may affect your property.
• There are no valid liens against your property for work or materials that were provided before your purchase.
• You won't lose title to your property because of a pre-existing violation of restrictions that you were unaware of.
• No one can force you to remove an existing structure on the property because of a zoning violation, a private restriction, or lack of a building permit for the structure.
• You can legally access the property by foot and by vehicle.

In addition to these further protections the expanded policy offers even more, protecting from loss from many more potential challenges. For a full listing of coverages or for additional information, please call or e-mail us at 508-752-7500 or at gc@attycasale.com or go to the Contact Us page and choose any of the contact options.