When you buy a home, it’s always a good idea to purchase title insurance to protect you from a range of title defects that could end up costing you a lot of money to resolve. But what if you are not buying an existing structure? What if you are buying vacant land? Do you need title insurance on land?
At World Wide Land Transfer, we have provided title and escrow services for countless real estate transactions, so you know you can trust us when we say buying title insurance for vacant land is just as important as it is for an existing structure. All of the same title defects can show up on a land purchase, so you must protect your investment. Our team has been helping buyers and lenders find title insurance for land purchases since 2003, and we can help you too. Get in touch with us today to find out more about the cost of the land title insurance or any other questions you may have about buying land title insurance.
As we mentioned earlier, all of the same title defects can come up with a land purchase as with an existing structure, and having title insurance for vacant land will protect you. Your deed merely grants you ownership of your land; it does not negate any previous claims of ownership. As such, a previously unknown will, divorce settlement, or lien could call your ownership rights into question. Here are some other potential defects that we see during real estate transactions:
When you purchase title insurance for land, you can protect yourself from having to spend time and money resolving these and other defects.
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While laws vary from state to state, lenders are almost always required to purchase title insurance on land before a deal can go through. They will generally pass the cost of land title insurance on to the buyer. As a land buyer or owner, land title insurance is optional in many states. Although you may be tempted to go without a policy, if a title defect would come up, we think you will find that fees for title insurance on land purchase were well worth the cost. Once the land title insurance policy is in place, it will protect you for the entire time you own the land.
The first step in obtaining title insurance for vacant land is speaking to an agent at a well- regarded title insurance company. Whether you are buying new land, you need coverage for a plot you already own, or you are a lender loaning money for a purchase, WWLT can help you. We will be happy to give you a quote, outline coverage options, and suggest additional endorsements you may want to add to your policy. For example, undeveloped plots can often run into title defects like access issues and easements that may not be covered by a standard title policy. The fees to add coverage for them are relatively cheap, and you only have to pay them one time, so it makes sense to look into these endorsements. If you have questions about fees for land title insurance, we can give you all the information you need to make the right choices for you. Once you have selected the policy options you need, we can issue a policy that will become effective on closing day, and we can also provide escrow services to facilitate your real estate transaction.
If you are a buyer, seller, or lender who is interested in finding cheap title insurance for land, World Wide Land Transfer is the best choice to assist you. We have been providing land title insurance services all over the country for decades. Our professional team is known for being thorough and dedicated, and for providing excellent customer service to all clients, whether they are buying, selling, or lending. Get in touch with us for escrow and land title insurance services, or with any questions you may have about title insurance for vacant land. We can also assist you with title insurance for commercial real estate, or any other type of real estate transaction.
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