What is TITLE INSURANCE
Title is your ownership right to your property. No homebuyer wants to inherit existing debts or legal issues that could interfere with their property rights in the future. Clear title allows you to use or modify your property.
There are two different types of title insurance: the owner’s policy and the lender’s policy. The owner’s policy is purchased by you, the homebuyer. While it is your choice, purchasing an owner’s title insurance policy is the best way to protect your property rights. The lender’s policy is usually paid for by you or the seller. It is almost always required by the lender and only protects the lender’s interest. Sometimes undiscoverable defects can come up after the title search. Title issues may include forgery, fraud, or clerical errors. Owner’s title insurance is the best way to protect yourself from losing your property. Every year, the vast majority of homebuyers in America elect to protect the largest investment of their lives, and purchase owner’s title insurance. Owner’s title insurance protects your interests after you purchase your home.