When you purchase a home there are many things to consider such as the mortgage payment, interest, homeowners insurance, closing costs and title insurance. The paperwork can be daunting so when you see the word optional next to title insurance, this question may come to mind.

You need title insurance to protect your rights.  When you purchase title insurance, you have protection for your property rights for as long as you own your home. It may be tempting to save a few thousand dollars off the closing costs but many in the real estate industry advise against it.  This one-time, relatively low premium insures that you are protected against legal problems regarding property rights.

Abstract Elite has seen buyers who have opted out of title insurance only to run into legal problems that are very expensive to remedy. The money you will save is far less than the legal fees and the potential loss of your home.

Here are the top 15 reasons you need title insurance:

• Incorrect filing of deeds
• Forgery
• Fraud in the execution of documents
• Delivery of deeds after the death of a grantor
• Undue influence on a grantor of a deed
• Error in surveys
• Transfer of title by a minor
• Wills not properly probated
• Confusion due to similar or identical names
• Deeds executed under expired or false powers of attorney
• False impersonation by someone purporting to be the owner of the property
• Clerical errors in recording legal documents
• Misinterpretation of wills and trusts
• Undisclosed or missing heirs

Abstract Elite is in the business of protecting you on the biggest financial decision you will probably ever make. Dollar for dollar, purchasing a title insurance policy is the most cost efficient form of insurance to protect your home.

The best news is you only pay once to reap the benefits for a lifetime!