So many clients wonder what Title Insurance actually does. Here is a breakdown to help you get a handle on it.
1. It protects your ownership right to
your home both from fraudulent claims against your ownership and from
mistakes made in earlier sales, such a mistake in the spelling of a
person’s name or an inaccurate description of the property.
2. It’s a one-time cost usually based on the price of the property.
3. It’s usually paid for by the sellers.
4. There are both lender title policies,
which protect the lender, and owner title policies, which protect you.
The lender will probably require a lender policy.
5. Discounts on premiums are sometimes
available if the home has been bought within only a few years since not
as much work is required to check the title. Ask the title company if
this discount is availab
