Just Bought a Home??...Keep your "TITLE OWNER'S POLICY" on "Perpetual Lock Down"

The "American Dream" of owning your own home has become a reality!  After months of contractual jargon, bank "credit worthiness" establishment, income verification, approvals, inspections, walk-throughs, correspondence, and all of the like.....your closing has come to successful fruition.  The day of closing has finally arrived....and hopefully, barring no issues manifesting at the closing table........all went well, and you are now a homeowner.  Your closing attorney hands you a folder of documents (or perhaps mails them to you shortly subsequent to the closing)...and what do you?.......place them "somewhere"...."someplace"...next to "the thing... near the corner of the whatcha-ma-callit". 

Fatal Mistake!

Incorporated within that comprehensive set of documentation (to name ONE of the essentials) is (or definitely should be) your Owner's Title Insurance Policy.

Owner's Policy:  Said policy is an insurance policy issued to you at closing for real property; usually in the amount reflective of the real estate purchase price (with the potential for future market value coverage). It is purchased for a one-time fee at closing, and will serve as your Owner's Insurance for as long as you own the premises.  This policy will protect you should a covered title issue ever materialize in the future; problems such as, errors or omissions incorporated in the verbiage of the deed; forgery; undisclosed heirs; prior owner judgments; prior owner mortgages; your (potentially) unrecorded deed....to name just a few. 

These issues can present themselves in the future when you look to refinance, and/or sell the premises, and public record reveals that there are "prior owner judgments" and/or "mortgages pre-dating your purchase still showing open of record", etc. 

Fret not.  Possession of your owner's policy will allow for title clearance of these existing exceptions.  In addition, should any "potential heirs" come out of the "wood work" and claim ownership to your home....your owner's policy will protect you against any such claims. 

Title companies are constantly closing down, becoming non-operational and/or defunct.  As such, reaching out to them so as to obtain a copy of the policy they issued....years from when you purchased (and these problems have been identified/discovered)..... may be an impossible task. 

Your perpetual custodianship of this policy will save you much time, effort, and strife so as to expeditiously establish marketable title in the event any/all/some of these listed (and others too complicated to name) title issues/encumbrances should manifest.

Never underestimate the importance of your Owner's Policy.  It serves as evidence of ownership interest of the property; as well as a potential saving grace so as to "clear title issues" in the future.

Lock it up; Keep it safe.

DISCLAIMER:  THE CONTENT OF THIS PUBLICATION IS FOR INFORMATIONAL PURPOSES ONLY; AND NOT TO BE CONSTRUED AS LEGAL ADVICE.  NO ATTORNEY-CLIENT PRIVILEGE IS HEREWITH ESTABLISHED OR CREATED. YOU ARE ENCOURAGED TO SEEK THE CONSULTATION OF A CHOSEN ATTORNEY IN CONJUNCTION WITH ANY/ALL LEGAL INQUIRIES YOU MAY HAVE.