Abraham Lincoln was born in a one-room cabin in Kentucky. His father paid $200 for the cabin and 300 acres. It wasn’t much, but it was home. However, the Lincolns didn’t have the right papers and someone else had a better claim to the land.
At the age of three, Abe’s family packed up and moved. Four years later, Lincoln’s father had to go to court to prove ownership rights again. Abe’s father, Tom, won the suit, but moved his family to Indiana due to the fear of losing another property due to title issues.
The Lincoln’s losses would have been covered had Tom purchased an owner’s title insurance policy. The same potential flaws in title exist today. A home is the largest purchase most of us make in our lifetime. Make sure you purchase an owner’s policy and protect your investment. The option of not purchasing a policy can be devastating.
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All publications of the American Land Title Association are copyrighted and are reference herein by specific permission from the American Land Title Association (ALTA). http://www.alta.org/