What are the risks that call for such
protection?
Real estate has such great value and is
so basic a form of wealth that many special laws have been enacted for
its protection - laws so strict and far-reaching that real estate is
more strongly safeguarded than any other form of property.
As a result, the owner of land has
exceedingly strong rights ... and so do the family and heirs of the
owner.
But others may have "rights" in the
property, as well. There are mortgages and leaseholder rights ...
liens due to unpaid taxes ... lien claims to those whom the owner owes
money ... mining, oil or air rights ... and many others. Anyone
who has such a claim in, in a limited way, a part-owner. He or she
cannot ordinarily be deprived of their interest except by having the
claim settled or released. The property may be sold - even
without their knowledge - but the claim is still good until satisfied.
As a new owner you may know nothing about these risks, but you are still
vulnerable to such claims on your property. That's why you need an
insurance policy from Cambridge Title.
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