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How title insurance can protect a new property owner

People who are buying property in Florida might want to purchase title insurance so that they are covered in case the title on their new home has any issues. Title insurance can provide a new property owner with financial compensation for any future consequences of old liens, rights to survivorship or third party claims to their property's natural resources.

A new property owner may be able to find out about issues attached to their property's title by doing a title search. A title search will ideally reveal any limitations to how the property can be used as well as outstanding liens against the property. Title insurance will not cover the property owner for any new title issues that come up, but it will cover them for the consequences of past title issues that are out of their control.

There are a number of past title issues that could potentially cause a future real estate dispute. For example, if a former property owner forged documents when transferring the title, the title could be technically invalid. A dispute could also arise if a former property owner forgot to get divorced before remarrying and the former property owner's first spouse attempts to claim the property.

A real estate law attorney may be able to help a new property owner to purchase a good title insurance plan that will provide adequate coverage in case there are real estate disputes. If a dispute should arise, an attorney can also assist in representing the new property owner's interests and help ensure that it is fairly and appropriately resolved and that the client's interests are protected throughout.

Source: FindLaw, "Do You Need Title Insurance?", accessed on Feb. 17, 2015

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