5 Things to Understand About Title
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 as 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. It’s usually paid for by the sellers.
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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