Today OCCOASTPROPERTIES answers:
5 Things to Know about title Insurance
source http://www.realtor.org/
Lawyers Title: Jason McMahan & Timothy Wright
Ever wonder what the heck escrow or real estate agents are talking about when they say the words, "TITLE INSURANCE"? If you never wondered, why? And if you never asked about it, you should!
Title insurance protects the holder from any losses sustained from defects in the title. It's required by most mortgage lenders. Here are the five other things you should know about title insurance:
- It protects YOUR ownership right to YOUR home, both from fraudulent claims made against your ownership AND from mistakes made in the earlier sales, such as a mistake in the spelling of a person's name or an inaccurate description of the property.
- It's a ONE-TIME cost usually based on the price of the property.
- It's usually paid for by the SELLERS, although this can vary depending on your state and local customes.
- There are both LENDER policies, which protect the lender, and OWNER title policies, which protect YOU. The lender will probably require a lender policy.
- 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 available.
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