Title Insurance 101

What is a Title?

Title is the ownership right to your property.

What is Title Insurance?

Title insurance is a policy that protects your real estate investment and your property rights.

Two Types of Policies

Owner's Policy
An owner’s policy protects your property rights for as long as you are the owner of the home. It protects you, or your heirs, from title defects. 

Lender's Policy
A lender’s policy is required by the lender to protect their financial interests. The buyer pays for this policy. 

Why should I purchase Owner's Title Insurance?

Owners title insurance is the best way for you to protect your property from future legal claims (defects). The one-time fee of purchasing it covers you and your heirs for as long as you own the home. The owner’s policy will also cover legal fees for settling claims against your property rights.

What does it cover?

It covers Defects. Defects are things such as another person claiming an ownership interest, improperly recorded documents, fraud, forgery, liens, encroachments, and easements.

What is an Escrow?

An escrow is the deposit of funds, a deed, and other items to a neutral, third party for the purpose of completing the transaction.

What does it Cost?

The typical owner's title insurance policy costs a one time fee of around .05% of the home’s purchase price. It will cover you until you sell your home.

 


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