You’ve graduated from college, landed a good job, and now you’re seriously thinking about buying your first home. But… there’s this teeny-weeny thing
What is Title Insurance?
Dated: 09/11/2019
Views: 59
BY
When you buy a home, you’ll have to buy at least one title insurance policy.
But what is title insurance, who does it protect, and why do you need it?
Here’s the scoop on title insurance.
What is Title Insurance?
There are two main types of title insurance: Lender’s title insurance and owner’s title insurance.
Lender’s Title Insurance
Your lender, if you’re borrowing money to buy a home, will require you to buy it a lender’s title insurance policy. This policy protects your lender if someone comes along and claims ownership of the home while you’re still paying off your mortgage loan. If that ends up happening (don’t worry – it’s pretty rare), the title insurance company will reimburse the bank for the amount of the loan.
Owner’s Title Insurance
You have the option of buying a title insurance policy for yourself, as well. However, sometimes the seller pays for it for you – it just depends on which Florida county you’re buying a home in.
An owner’s title insurance policy provides you with the same level of protection a lender’s policy provides the lender.
If the title has a problem and someone can challenge your ownership in the home, your title insurance policy will most likely pay you the value of the home. Every policy is different, though, so make sure you read the fine print and ask questions before you sign the dotted line.
Chip Boyer
Chip is the IT Manager for Alex MacWilliam Real Estate. He handles the technology needs of the company as well as helping agents in their day to day problem solving.....
Latest Blog Posts
The short answer is that you should clean your carpets every 12 to 18 months. You can do it yourself using a steam cleaner, or you can call in a professional carpet cleaning service.If you have
Spring cleaning doesn’t have to be an ordeal. Use these tips to shrink your To Do list as the weather warms up!Keep a Clear HeadOver time, showerheads can become clogged with mineral deposits
Maybe you don’t have a green thumb. Maybe you are handy with plants, but you’re just too busy to remember to water them three times a week. Maybe you like the look of greenery in your
The data relating to real estate for sale/lease on this web site come in part from a cooperative data exchange program of the multiple listing service (MLS) in which this real estate firm (Broker) participates. The data is provided exclusively for the user's personal non-commercial use, and may not be used for any purpose other than to identify properties that the user may be interested in purchasing or leasing. The properties displayed may not be all of the properties in the MLS's database, or all
