5 Things to Understand About Title Insurance
When you buy or sell a home your transaction will include the purchase of title insurance. Whether you are the buyer or seller, you benefit from the protection that these policies offer. Here is some information about this type of insurance.
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. The seller's policy is usually paid for by the seller and the buyer's policy is usually paid for by the buyer, but this is always negotiable.
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 available.
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