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Title Insurance
Title Insurance? What is it? and How Does it Protect My Home?
For most of us, the purchase of a home is the biggest investment we ever make. As you approach the day of closing, all the details can be a little overwhelming.
You might easily overlook the most important step in the entire settlement process — the purchase of owner’s title insurance on that wonderful new home of yours.
Would you ever think you could lose your home because another person legally has a right to it? That thought might never cross your mind, but perhaps it should.
There are many problems that could affect your title, including: tax liens, forged signatures in the chain of title, recording errors, title search errors and claims by missing heirs and/or an ex-spouse.
There Are Two Types of Title Insurance:
Owner's Policy
An Owner's Policy protects you and your property-your equity. Additionally, the Owner's Policy provides assurance that your title company will stand behind you if a covered title problem arises after you buy a home.
Loan Policy
A Loan Policy protects the lender for the amount of the loan. If you only have a Loan Policy, you are not protected if a problem materializes with your title.