How does Title work

TITLE: Is your ownership right to your property.

TITLE SEARCH: Is a standard part of any real estate transaction that is conducted to uncover issues that could prevent future rights to the property. Examination of public records to verify ownership and reveal claims, liens and other recorded encumbrances that could affect status of title.

TITLE INSURANCE: Is a policy that protects your investment and property rights. There are two different types of title insurance: Owner’s policy and lender’s policy.

  • Owners Policy protects the new owner’s property rights for as long as they or their heirs own the home. It’s most common for sellers to purchase this protection for the buyers.
  • Lender’s Policy is usually required by the lender and protects only the lender’s financial interest. The buyer typically pays for this policy.

WHY DO YOU NEED AN OWNER’S TITLE INSURANCE POLICY: Owner’s title insurance is a smart decision because it’s the best way to protect a property from future legal claims.

HOW MUCH DOES TITLE INSURANCE COST: Owner’s title insurance is a one time payment based off the property value.

HOW LONG DOES THE TITILE INSURANCE COVERAGE LAST: The policy lasts for as long as the owner or their heirs own the property.

DO YOU NEED TITLE INSURANCE IF YOU’RE REFINANCING: Lenders usually require a new title search and lender’s policy to protect their investment in the property

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