Buying a mobile home can be a dream come true for many buyers as it is an affordable housing option, and you may be excited to take ownership of your home and place it on the land that you have selected. As part of the buying process, you may consider the benefits associated with purchasing title insurance. Some lenders may require you to purchase title insurance as a requirement for the purchase. Title insurance is a special type of coverage that provides you with protection against other claims to real estate. A mobile home is not considered to be real estate, and instead, it is personal property that is often affixed to real estate. With this in mind, the title insurance that is available for your property may relate to the land you purchase rather than to the mobile home itself.
Buying title insurance begins with the ordering of a preliminary title policy. This will include a search of other claims to the land and liens on the land. If issues are present with the preliminary title policy, your title insurance agent will assist you in dealing with the claims. Generally, you will not be able to finalize your purchase of the land until all claims and issues have been dealt with. At closing, you will be provided with a title insurance policy on the land. This protects you from losses related to future claims on the land. If someone else lays claim to the land, for example, the title insurance policy will include financial compensation for your legal fees, losses that you may incur and more. This protection can essentially save you tens of thousands of dollars or more.
If you have decided to purchase land that your mobile home will be placed on, now is a great time to reach out to an escrow agent and to begin learning more about the escrow and title research process. This may be a requirement that your lender has when you purchase the land or the mobile home, and you can begin satisfying the requirement when you work with the right escrow agent.
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