What is Title Insurance?

Title Insurance is protection against problems you may have for your house. The problems may have existed prior to you owning your home such as: unpaid property taxes, fraudulent paperwork, or another person claiming ownership of the property.
There are many common misconceptions of title insurance. Title insurance protects ownership of your property. The owner of title insurance will pay a one time premium at closing for the sale of the property. There are two types of title policies. Owner’s policy which protects the homeowner until they sell the property. Loan policy protects the rights of the lender until the loan is paid off. Coverage of title policy begins immediately but you will not receive a paper copy of the policy until about 30 days after you close on your home. The cost of the policy is based on the sale’s price of the property. The cost of the loan is based on the amount of the loan.
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