A title insurance policy, unlike other types of insurance, protects against problems that may have existed before the new homebuyer even considered purchasing the home. It safeguards both the mortgage lender and the homebuyer against legal challenges to the home's ownership. You can also look for title insurance agency quote via https://www.clearskiestitle.com/estimate/.
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The following benefits of a title insurance policy are
1. Fulfils the statutory compliance of RERA:
To ensure consistency in safety mechanisms and transparency in the real estate industry, RERA has made title insurance mandatory for developers, builders, landowners, and others. Real estate transactions become safer for developers and property owners.
2. It covers Litigation Costs:
Defense costs are triggered by title insurance. Because costly litigation costs can place a significant financial burden on you, title insurance assists you in fighting legal claims by covering legal expenses such as lawyer's fees, legal documentation expenses, settlement costs, and so on.
To avoid legal property claims, some insurance companies offer out-of-court settlements and other legal assistance. Because property title claims are expensive, it takes a long time to resolve title defects.
Title insurance aids in the resolution of disputed ownership or title defects, as well as providing legal assistance in the handling of such claims. It is a one-time event that protects your property for 7 years and is a cost-effective way to get a protection shield against title defects.