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of the Triad
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Stretch-n-Grow of Winston-Salem (and the Triad), North Carolina

Jennifer Hansel - Owner/Director
(336) 287-1193  |

Welcome to Stretch-n-Grow of the Triad!   This year marks our 16th year serving children, families, and child care centers! 

We are passionate about helping children learn about fitness and building the foundation for a lifetime of healthy habits!

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When you purchase a home, you may be prepared to buy a homeowner's insurance policy or even flood insurance, but how much do you know about title insurance? Learn more about it in this post.

Common Title Insurance Questions

If it's your first time buying a home, the process can be a bit overwhelming. From finding the right home for your family to taking care of the legal components, it can be hard to understand every step of the process. One thing you may not be too familiar with is title insurance. Unlike homeowner's insurance, this type of insurance isn't very well-known. Luckily, Phenix Title Services has put together this post to help you get to know why this type of insurance is so important for homeowners.

What Is Title Insurance?

In basic terms, title insurance is bought when purchasing property in order to protect the buyer from losses related to issues with the title of the property. What does this mean? When you buy a home, the home's title is transferred to you as the owner of the property. In some cases, issues with the title can pop up in the future, putting you at risk of losing your home and the money you invested into becoming the owner of the property. Different title defects like tax liens, deed errors, and fraud can all get in the way and lead to financial losses. This is why a title insurance policy is bought before closing on a home. This type of indemnity insurance will keep you protected for as long as you own the home and will cover things like legal fees that come up as a result of a title defect and can also protect you against other financial losses related to the home's title. When title insurance is purchased, a title search will be run in order to detect any title issues. If none are found, you are free to purchase the property. If there are title issues, you will have to get these resolved before you can become the homeowner.

Is Title Insurance Required When Buying Property?

In the majority of cases, title insurance is required in order to complete the sale of a home. Laws on title insurance can vary by state, but the majority of mortgage lenders will require it because their finances are also at stake. Even if you're paying cash for a home and don't need the help of a lender, title insurance is still a must. After all, you never know what title issues will be uncovered in the future. For added peace of mind, don't purchase property without a title insurance policy to protect you.

What Does Title Insurance Protect You From?

Title insurance is meant to protect mortgage lenders and home buyers from financial losses that are the result of a title defect. Since lenders put a lot of money on the line when providing a home buyer with a loan, it makes sense that they would want to protect their investment. Should a title issues come up, a lender's policy will cover financial losses up to the amount of the loan they provided the home buyer with. An owner's policy will protect the homeowner should they suffer losses or should they have to cover legal fees due to a title defect. If you're just looking into buying a home, now is a great time to get to know what title insurance is and why it matters. To get all of your title insurance questions answered, contact Phenix Title Services at (603) 625-0033.

How Much Does Title Insurance Cost?

The price of title insurance will vary. The price of coverage can depend on things like the state where you're buying property, the price of the home, the type of coverage you're getting, and other factors. Unlike other insurance policies, title insurance requires a one-time payment that keeps you covered for as long as you own the property. If you leave the property to an heir, your coverage will also be transferred to them so it really is a small price to pay for the coverage you get.

How Does a Title Search Work?

When you purchase title insurance, a title search will be run in order to ensure there are no issues with the title. This process involves looking into the home's history and its previous owners. Tax records will also be looked into in order to ensure everything is up to date. If any issues come up, these will have to be taken care of and resolved before you can become the owner of the home. If no issues come up, you're all set to become the homeowner.

Title Insurance in Winston-Salem

Before you close on a home, be sure you're prepared to make the best title insurance decisions. Not sure what a title insurance policy is or how it can affect you? Contact Phenix Title Services at (603) 625-0033 to learn more about it.