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Title Insurance - What Is It?
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Purchasing a home is the biggest investment most people will make in their lifetime, and a home is often one’s largest asset.
Title insurance provides protection for this investment. When a title search is done on a property prior to closing there are
numerous issues that could arise and lead to a financial loss, or require time and energy to be remedied. Insurance that
protects against this possibility is a very worthwhile investment.
This article will discuss the different types of title insurance policies available.
Types of Title Insurance
There are two types of title insurance; Owners' Title insurance and Lenders' Title insurance.
Covers the buyer against the risk of loss because of a title defect not found during the title exam.
An owner’s title insurance policy protects owners or heirs for the time they have the ownership of the property.
Is purchased for a one time fee at the closing and usually provides protection for up to the total purchase price.
The owner’s title insurance policy provides financial coverage and legal assistance at no expense to the owner in the event a
claim is made against the owner’s title to the property.
Covers the lender against the risk of loss because of a title defect not found during the title exam.
A lender’s title insurance policy protects the lender for the time the loan is valid.
Is purchased for a onetime fee at closing and usually provides the lender with protection for the total loan amount.
The lender’s title insurance policy provides financial coverage and legal assistance at no expense to the lender in the event a
claim is made against the title to the property. The owner’s interests are not covered under this policy.
Most major lenders require the buyer/borrower to pay for a lender’s title insurance policy at closing.
Necessity of Title Insurance
Taking into account the financial and emotional investment a home represents, it is recommended an owner’s title insurance
policy be purchased at the time of closing. The lender often requires a title insurance policy be purchased to cover against the
risk of forgery, improper documents, liens, undisclosed heirs and human error. If the lender requires their interest to be
protected, it only makes sense for the homeowner to protect their interest as well.
The important point is title insurance policy is good sign that your property's title is legally valid and therefore
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