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Home Articles If there is no mortgage, do I need title insurance?

If there is no mortgage, do I need title insurance?

Posted on September 8, 2012 Written by Tricia Harris

Is there a cloud on your title?

Yes, absolutely. A mortgage holder will require title insurance, but title insurance also protects you as the owner of the property.  One of the most common risks is a defective title, or what is sometimes called a “cloud” on the title.

There can be many reasons for a defective title, but one of the more common ones is a previous mortgage or lien on the property that wasn’t satisfied properly.  Without a title search, you may not find out about these liens until after you have purchased the property.  Without title insurance, you would most likely be held responsible for satisfying the liens.  Protect your interests, and purchase title insurance even if you are not taking out a mortgage on the property.

[Photo Credit Flickr: Nicholas_T CC license]

Filed Under: Articles, FAQ

Manatawny Land Transfer
215 E. Philadelphia Ave. 1st Floor
Boyertown, PA 19512
(East Entrance)
Call: 610 326 9838
Fax: 610 326 1398
Email: tharris@manatawnyland.com
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