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What is title insurance? Should I get it?
What is title insurance? Should I get it?
Asked By Kamari | Fairview, NC | 474 views | Terms Definitions | 1 year ago
Answer(7)
Glenda X Bozett
RELI
Title insurance protects the owner property & the mortgage lender against future claims for any unknown defects in the title to the property at the time of sale.
- 1 year ago
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Gloria Mitchell
Wilkinson Triad Realty
Title insurance is a type of insurance that protects home buyers and lenders against any claims or losses as a result of title defects. Title defects are any encumbrances or defects that would stop the buyer from enjoying legal ownership of the property. These could include failure of a lender to release a lien on the property, liens against prior owners, and fraudulent deeds or documents.
Whether you should get title insurance depends on the situation. Title insurance is generally quite inexpensive, so in most cases, it is a good idea to get title insurance to protect against any possible title defects. However, if you are able to confirm that there are no title defects possibility, then you may not need to purchase it.
- 1 year ago
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Brinda Griffin
Griffin Realty Llc
Yes absolutely!! It protects you from liens that could be on title from previous owners. It is very affordable, and you pay for it 1 time at closing! A title search should be done before you purchase the home, and the title insurance protects you while you own the home. Find a great title company in your area to discuss further.
Good Luck!
- 1 year ago
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Jim Rossi
RE/MAX 2000
Title insurance is typically required by a lender. It is an insurance policy issued to cover buyer, seller and the lender against any liens or encumbrances that might be associated with the property. The title company researches everything about the property going back to its conception to make sure clear title is being passed to the buyer, that all taxes, assessments, mortgages and any other debts the property was used as collateral for were paid. Absolutely get!
- 1 year ago
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Michael Hudson
eXp Realty
Protects buyers, sellers and lenders from any future claims (liens) against the deed of the property. I highly recommend it!
- 1 year ago
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Thom Lemon
AustinHomeStore.com
Title insurance protects you from issues with an ownership title when you buy real property. These can be problems that existed before your purchase. Examples of problems can be Unpaid Property Taxes, Fraud or Forgery of previous documents, or a spouse or possibly an unknown heir who claims to own the property. Absolutely, Positively Obtain Title Insurance When Your Buy!
Thom Lemon is a Broker in Texas and is also a REALTOR®. Thinking about buying or selling real estate in Austin, TX? Call/Text Thom at 512-346-7355 or email him at [email protected]
Title companies search for problems with the title that need to be corrected before you buy the property. If there’s a challenge to your ownership later, your title company will handle the dispute.
- 1 year ago
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Jamie Walker
@Properties
Yes! Both the buyer and seller pay for title insurance at closing, but each type is slightly different. The seller pays for the title insurance coverage for the buyer, and the buyer pays for the title insurance policy for their lender. A lender’s title policy is designed to protect the financial institution providing your mortgage from title claims that would put their stake in your home at risk. Lenders almost always require borrowers to purchase title insurance on the lender’s behalf as part of the loan-approval process. It’s considered a closing cost.
- 1 year ago
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