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Filing a Title Insurance Claim
Although it is unlikely, on some rare occasions a person who has purchased real estate ends up facing a problem with the title to the home. Sadly, in a very small number of cases, that title blemish turns up after the closing has occurred and after the buyer has taken ownership and moved in to the property in question. If you discover a problem with the title to your home after you have closed on the purchase of that property, you will need to file a claim. The claim will be filed with the title insurance company that did the title search on the property and that issued a owner's policy of title insurance to cover that property and its title in the event of a problem. Here are some helpful hints to make this process go as smoothly as possible. As with most types of insurance, the first step that you will have to take is the filling out of a claim form itself. Generally speaking, these claim forms are not that complicated to complete. Usually a representative of the title insurance company itself - in many cases, the title insurance agent that wrote the policy - will assist you in preparing the claim form. This is an important step, and the agent's guidance will ensure that the title company has all of the correct information to process your claim. Once the claim is submitted, the title insurance company, through its legal department, will attempt to resolve the title defect or problem as quickly as possible. The reality is, of course, that it is likely that you becamse aware of the defect in the title when you are trying to sell the real estate in question. Therefore, time really will be of the essence. The bottom line is that if the title insurance company is not able to resolve the title defect within a reasonable time, within the amount of time that is necessary to allow you to sell your home per an agreement of sale, for example, the title insurance company will be responsible for paying for any losses that you may sustain as a result of the title defect they insured against or for a sale that you may lose because of the title defect. Much of the time, when a previously undiscovered title defect does arise, that defect will end up being rather minor. In most instances the title defect in question will end up being able to be resolved quickly and cause little more than an inconvenience. Title searches are generally quite thorough, and the professionals handling your title insurance are quite well versed in looking for things that could cause future problems. Your title company has not only provided you with an owner's title policy, but they provided your bank or mortgage company with a lender's policy - and that gives them two reasons to be extremely careful when reviewing the title to your new home.
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Contributor's Note
With over 25 years in the industry, Mobile Settlement Services, Inc. is a premier Pennsylvania title insurance company.
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