If you are financing a land purchase, a lender will require you to obtain a title insurance policy. Title insurance insures the history of the vacant property. The title insurance policy will protect you against past claims someone else may have on the land. If you purchase title insurance at the time you buy the property, and years later a survey team uncovers part of the land belongs to the state or someone else, the title insurance policy will allow you to be refunded part of the purchase price of the cost of the land when it was sold to you. If you do not have title insurance, the state could retake control of the land, and you lose out on your investment in the land.
There are three basic types of title insurance coverage for vacant property needs including:
- Owners title insurance. This title insurance will offer a clear title to the property which protects against incorrect signatures, fraud or forgery, defective recordation, and restrictive covenants.
- Lenders title insurance. This title insurance covers Mechanic’s Liens and other non-recorded liens that could lead to concerns with the property.
- Extended title insurance. This title insurance will cover permit violations, subdivision maps, structure damage, and other issues.
A title insurance policy is good for as long as you remain the owner of the property. Contact Security Title of Davis County today for more information about your vacant property title needs.
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I have worked with Security Title for over ten years. They have closed hundreds of loans for me. They are extremely knowledgeable, thorough, and above all, friendly. I recommend them for any and all title needs. My customers love them too! Simply the best!!!!