|
Understanding
Title Insurance
It protects your ownership right to your
home both from fraudulent claims against your
ownership and from mistakes made in earlier sales,
such as 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.
The sellers usually pay for it.
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.
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.
|
