What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Doesnt the attorney or settlement company handling the closing see to it that you have a clear title? Isnt this just another way for someone to siphon a few coins off a real estate transaction?
Title Insurance
Title insurance prevents the property owner from suffering financial loss if, at any time during his ownership of the property, someone comes along who can show that they have full, or partial, ownership of the property instead. Every mortgage lender Im aware of requires title insurance be purchased to cover the amount of the mortgage. Theyre not in business to lose money.
A careful title search is done at the time property changes hands. On rare occasions mistakes are made anyway. Property can change hands in a number of ways including by deed, by will and by court action. Typically, these proceedings are recorded in different places. Searching the history of ownership to be sure nothing has fallen through the cracks is a tedious job that requires alertness, intelligence, and skill....
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