Title Insurance
Title insurance is important because, by providing you with an Owners Policy, they insure that you have clear title to the property. If there are any problems later, you can always go back to the title insurance company and have them clear it up. Since it is customary for the seller to pay for the owners policy, they have an interest in which company is used.
However, you are going to pay a fee to the title insurance company, too. This is for the Lenders Policy. The lenders policy insures your mortgage lender that there are no liens or judgments against the property and that the mortgage will be in first position. In other words, should you sell the property or refinance it, their mortgage gets paid first, before any other claims against the property.
The lenders policy is less expensive than the owners policy.
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Benefits of Owning Your Own Home |
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Important Things To Avoid Before Buying a Home |
Don't Buy a Car - or Did You Already Buy One? |
The Business Cycle and Buying a Home |
Comparable Sales and Your Offer Price |
Major Factors Influencing your Offer Price |
Offering to Purchase Real Estate- the Basics |
Writing an Offer - Safeguards Regarding the Property |
How Financing Details Affect Your Offer |
How FHA and VA Financing Affects Your Offer |
Selecting Service Providers |