So… what exactly is title insurance?
A quick guide to help you navigate Title & Escrow while you dive into your upcoming transaction.
Title Insurance is a type of indemnity insurance which protects against a loss of title or ownership of a property due to a defect in the original title deed.
So… what exactly is title insurance?
Example: Let’s say the past owner has a bad debt or lien on the property you purchased. Title Insurance protects you from legal claims, both past and future, that are made on the property.
There are 2 types of policies
Owner’s Policy
An owner’s policy protects you against title defects that could affect your ownership rights.
Loan Policy
A loan policy protects against title defects that could affect the lien of the lender’s mortgage.
What are the benefits of Title Insurance?
Protects From Past Risks
A policy protects you against the previous owner’s debt and other claims of ownership prior to buying the home.
You Only Pay Once
Unlike other insurance policies, you pay for an owner’s policy only once without monthly or yearly premiums.
How long does the insurance last?
An owner’s policy lasts as long as the insured or their heirs have an interest in the property.
A loan policy is effective for the life
of the loan.
of the loan.
We’re here to give you a birds eye view.
