It’s true that properties that have been transferred before, generally don’t have major title issues, but you can never know for sure without reading and understanding of the documents involved.
There are also restrictions and covenants revealed in your Title Commitment package that you may not have known about when you made your offer. you may have read disclosure documents but could be changes since it was printed. Your title insurance will include the latest documents as recorded at the courthouse.
Any covenants and restrictions you notice in these documents that may restrict your use of the property in a way that causes you to reconsider your purchase would be important, and you’ll not want to miss them. Let’s say that you want to build a pool, any restrictions to the contrary would be important to you. Your Tampa Bay Team is committed to helping you to uncover every important item in your title insurance documents.
There are two sections of the title insurance commitment that summarize what’s included and can give you a quick overview to guide you to the most important. These two sections are the “Requirements,” and the “Exceptions.” Requirements are things the title company says must be done or criteria met before title insurance will be issued, such as the seller paying off any mortgages or liens against the property, paying current taxes due, etc.
The “Exceptions” are where you’ll find the things that could be a problem for you. Most of the benefit of title insurance comes from protection from threats to your ownership or things that come up about property lines or encroachments. When something is already recorded at the courthouse, the title company will not cover you against it in the future and normally can’t be changed. If they say you can’t build a pool, then you can’t claim damages later when you try to do that. So, anything that’s already of record will be “excepted,” and you just need to be sure that there isn’t anything in that pile you can’t live with.
You’re the customer, and your money is making this deal work, so don’t hesitate to get right to the examination of this document and the attachments.