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< About Buying Real Estate
Title insurance protects the holder from any losses sustained from defects
in the title. It’s required by most mortgage lenders. Here are five other
things you should know about title insurance.
- It protects your ownership right to your home, both from fraudulent claims
against your ownership and from mistakes made in earlier sales, such as
mistake in the spelling of a person’s name or an inaccurate description of
the property.
- It’s a one-time cost usually based on the price of the property.
- It’s usually paid for by the sellers, although this can vary depending on
your state and local customs.
- There are both lender title policies, which protect the lender, and owner
title policies, which protect you. The lender will probably require a lender
policy.
- Discounts on premiums are sometimes available if the home has been bought
within only a few years since not as much work is required to check the title.
Ask the title company if this discount is available.
Learn more about title insurance.
< About Buying Real Estate
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