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Checking Credit
Research Before Choosing A Neighborhood
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Do I Need Title Insurance?
Be Alert For Sellers’ Tricks
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Choosing A Real Estate Agent
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Be Your Own Inspector
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BUYERS' CORNER

Protect Your Home InvestmentDo I Need Title Insurance?

Many home buyers are confused about their need for title insurance and the coverage it offers. While title insurance is usually required by the lender, it only covers the lender’s interests. Home buyers wishing to protect THEIR interests should purchase Owner’s Title. Such a policy usually covers the cost of legal fees associated with defending the ownership of the property and protects the owner from claims which may surface after closing or which may not have been known at the time a title search was done. Examples of such claims are: Missing heirs, forgery, easements, liens for work performed, special assessments, or other such claims arising which might threaten ownership.

Owner’s title is relatively inexpensive—the cost is based upon the selling price of the property—and is best purchased at the time of closing. It’s also a one-time purchase that covers the property for the full term of ownership. Most closing attorneys or title companies can quote the cost prior to closing. When compared to the risk of losing the property or the cost of hiring an attorney to defend your claim, it is well worth the money spent. I never purchase property without protecting my interests with an owner’s title policy.

 

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