Part 5: What every REALTOR® should know about owner’s title insurance
Updated: May 3, 2018
Last time, we discussed how title insurance protects your clients. This week, let’s check out a true story about how owner’s title insurance protected a client’s property rights.
A family in Missouri unknowingly purchased their home from a seller who had taken out a separate $419,000 loan on the property. But this fact was not discovered during the closing process, and the family’s lender paid the seller directly instead of paying off the existing loan.
Soon, the family faced foreclosure because someone else held a claim against their title. Fortunately, the family had owner’s title insurance. So the title company paid the debt, and the family kept their home—with peace of mind.
This story has a happy ending, but without owner’s title insurance, the family could have faced serious costs, and even eviction.
We hope you have enjoyed this blog series! If you missed earlier blogs in this series, you can find them here. Don’t forget to like our Facebook page, so you don’t miss any new blog posts. As always, don’t forget to request a Luckett location on your next real estate contract!