When buying a house, many things should be tested. But today we are going to give you an information that you will definitely do a little thought before buying a house. Many questions bother your mind when buying a house.
- What is title insurance?
The main job of title insurance is to provide legal ownership on a property. It gives you the right you can call the propperty your own. After buying a house in a hurry several times, someone else defends his claim on it. People keep going around the courtroom for many years in this affair. In such a situation, title insurance works to save you. Title insurance gives you the right to use and display the house. You can take title insurance for seven to twelve years.
- Why is it necessary to take title insurance?
In government records, the house should be in your name, it is a very important job to provide title insurance. In May 2016, the Real Estate (Regulation and Development) Act, 2016 (RERA) made it necessary to purchase title insurance for all properties exceeding 500 square meters. If you get title insurance, then this increases your property value in the coming days. After getting title insurance, you can avoid many external troubles.
- Insurance company will pay damages on land dispute
After taking title insurance, if there is any dispute about the land in future, its compensation company pays. People may have to pay a small amount to buy the money when taking title insurance. But this also gives the buyer a way to avoid many kinds of troubles. This insurance is signed by both parties. This insurgency works to cover all legal expenses.
- Title insurance started with Maharashtra
Title insurance now exists in many states of the country. But Maharashtra was the first state to introduce it. Insurance companies are providing title insurance for a period of 7 to 12 years. If you are planning to get a new house these days, then once you can consider taking this insurance. This may prove to be very beneficial for you in future.