Spartanburg lawyer focused on real estate, Wills, and small business corporations.


Bingman Law Firm
Stephen M. Bingman, Attorney
Providing Spartanburg Attorney Services since 1983


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"What Is "Title Insurance" And Do I Need It
When I Buy A Home And Land?"

Copyright Stephen M. Bingman, Attorney

When you buy a home and land, you should have an attorney check the title (title search) and verify that the property has been legally transferred by prior owners and to look for mortgages, judgments, state tax liens, federal tax liens, and legal actions. If any of these items affect the home and land that you are buying, you could be forced to pay the item or possibly loose your home and land. As an example, if you are buying a home, there is an active judgment against the seller, and the judgment is not paid at closing, the holder of the judgment can bring an action asking that your newly acquired home be sold to pay the judgment. Obviously this would not be good.

Title insurance is insurance to cover items that may be liens against your home and land or that may cause you to loose your home and land. Title insurance will pay up to the face amount of the policy which is usually the purchase price of your home and land.

Title insurance is not required by law when you purchase your home and land. However, mortgage lenders require that you obtain title insurance that covers the lender. In most cases, an owner's title insurance policy and a mortgagee's title insurance policy are issued at the same time. Most lawyers who handle real estate matters also write title insurance for one of the several companies licensed to sell title insurance in South Carolina. Title Insurance has a one time fee and covers you for that particular parcel of land or home as long as you live.

You may think that if there is a problem with the title to your home, the lawyer who handled the closing will be responsible for solving the problem. Sometimes, that is true. But there are times when your lawyer has not made a mistake and is not responsible to solve the problem. Title insurance covers these times.

If you have any questions, please call the Bingman Law Firm.


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Legal Disclaimer

All information on this web site is general information and not legal advice. Legal advice is based on the specific facts and circumstances of a matter and, of course, The Bingman Law Firm does not know your specific facts or circumstances. Further, nothing contained in this web site is to be interpreted as creating an attorney - client relationship. No such relationship can or will exist until Attorney Stephen M. Bingman has personally agreed to such a relationship. Should you have any questions of any nature whatsoever concerning information contained in this web site, contact Attorney Stephen M. Bingman or another licensed attorney.



For a Spartanburg attorney contact the Bingman Law Firm.
Call 864-573-9889 today!
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Copyright 2007 Stephen M. Bingman. All rights reserved.
Stephen M. Bingman is a Spartanburg lawyer focused on real estate, Wills, and small business corporations.