Title insurance protects buyers from defective titles. In Oklahoma, title abstracts can complicate real estate transactions. Without title insurance, you may purchase a property only to find out someone else has a claim to the land.
If you want to purchase land in Oklahoma, continue reading to learn more about the benefits of title insurance.
Title insurance is public record
According to the Oklahoma Insurance Department, the issuance of title insurance must remain a public record. This statute further guarantees the legal standing of your title claim because, in title disputes, there is a written record of insurance purchases.
You only buy it once
Potential real estate buyers only need to pay for a one-time premium. For most other insurance policies, the insured must continue to pay for premiums if they want to receive coverage. The benefit of title insurance is that it lasts for your entire ownership if the insurance company remains solvent. Not only that, but your heirs receive the benefits of title insurance as well. Title insurance also covers legal costs when someone claims a right to your title.
It helps sell your property
Once you decide to sell your property, title insurance helps to legitimize your property title. If you paid for title insurance, you can rest assured your title is marketable. Even if a purchaser rejects the title, the insurance company offers financial protection to cover your losses.
There is minimal downside to purchasing title insurance. Though the initial cost may seem steep, remember that you receive multiple generations worth of protection for your property claim. The only risk you face is the closure of the insurance company, in which case you need to purchase a new title insurance policy.