One of our primary goals at Top Mexico Real Estate is to ensure that our clients go through a safe purchasing process, and enjoy safe ownership of their Mexico real estate after they buy it.Â For this reason, we highly recommend that buyers acquire title insurance. There are a number of good options available; one that we have been exploring recently is the international service offered by First American, a highly reputable international company.
What is Title Insurance?
Basically, title insurance is a contract whereby the insurer company agrees to cover the insured owner against loss resulting from defects in the property title. It protects against losses arising from the following:
- Claims affecting legitimate rights of ownership of the insured property
- Fraud, charges and issues not registered in Public Registry
- Liens and various legal and economic issues
It is also used as a financial tool to facilitate mortgage lending even when these are requested
Two one-time payments are made; one to the lawyer who drafts the title insurance contract, and another (the insurance premium) to the title insurance company which protects the owner for the duration of ownership or specified financial interest.Â The one-time insurance premium is based on the value of the property.
Why First American?
While the reputable name of First American, whose international offices are located in Santa Ana California) will offer buyers confidence in itself, itâ€™s worth reviewing some of their strong points:
- More than 120 years of experience
- 24 years of international operations
- Service on 5 continents and more than 60 countries, with a broad network of offices and representatives
- Very broad experience and knowledge of cross-border and bicultural transactions
- 12 years operating in Mexico
- As part of First American Financial Corporation (FAFC), they offer the support of one of the most important financial corporations worldwide
- FAFC includes the most qualified group of experts in the industry
- Solid financial strength:
- Trades in NYSE since 1993
- More than $11 billion in active funds, capital, investment and funds
- High ranking (Standard & Poor’s, BBB+; Fitch, A-; Moodyâ€™s, A3; A.M. Best, A-)
Contact usÂ at Top Mexico Real Estate to talk about title insurance for your property and to determine which company is best suited to your needs.
TOPMexicoRealEstate.com; Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely