Real estate news on Property transactions easier with title insurance

Property insurance
Posted on Oct 31, 2011
All residential properties are built up on land only besides taking all necessary legal precautions sometimes the faults and past claims related to property could not be corrected as all property have previous owners. Nowadays people indulging in property transactions are more aware and concerned about the legal issues related to the real estate market. Title transactions offers safeguard to property transactions and helps in protection against the loss that arises from legal proceedings. The title insurance concept was first introduced by USA to alter the confusion which is based on property registration deeds. For assuring the legality and credibility of property insurance policy is a helpful concept.

As per laws of state government insurance of building has been mandatory since 2001. Title insurance has been practiced in India by foreign investment companies but the result has not been desirable. In a study it has been observed that almost 95% housing societies in India are not insured. Incorporation of title insurance in real estate bill will make property ownership much more secure and trustworthy. This step of the state will built up confidence in buyers and will boost the real estate market. An assurance will be given to buyers by this that property that they are purchasing is safe for purchase.
Share on: