Filing a Title Insurance Claim
Although it is not likely, in some rare instances a person who has purchased a Tampa real estate ends up facing a problem with the title to the home. Unfortunately, in a very small number of cases, that title blemish ends up being found after the closing has occurred and after the purchaser has taken ownership and possession of the residence in question.
If you have found yourself facing 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 with the title insurance company that did the title search on the property in the first instance and that issued a policy of title insurance to cover that property and its title in the event of a problem. Through this blog posting you are provided with some basic information that you will need to keep in mind as you go about filing and then pursuing a title insurance claim.
As with any other type of insurance, the first step that you will have to take if there ends up being a title problem is the filling out of a claim form itself. Generally speaking, these claim forms are not that complicated to complete. Moreover, a representative of the title insurance company itself - in most instance the title insurance agent that wrote the policy in the first instance - will assist you in preparing the claim form in the first instance if you do find that some help in this regard would be useful to you.
Once the claim is submitted, the title insurance company, through its retained legal team, will work to resolve the title defect or problem with all deliberate speed. The reality is, of course, that you likely discovered the defect in the title at a point in time at which 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 close you deal (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.
You do need to keep in mind that in most instances 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 in a short period of time and without causing you to suffer any loss or problem.
Lance Mohr is a full time licensed broker associate with Keller Williams Realty. He has over 10 years of experience helping families buy and sell real estate, as well is being a real estate investor. If you have any questions about the Tampa Real Estate or New Tampa real estate market please visit my website at http://www.tampa2enjoy.com
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