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5 Things to
Understand About Title Insurance
1.
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.
2.
It’s a one-time cost usually
based on the price of the property.
3.
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.
4.
An owner’s title policy is
not common in our market. You
should discuss this option with the closing title
company.
5.
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.
Reprinted from REALTORÒ
Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSÒ.
Copyright 2005. All rights reserved. Amendments and additional
information provided by Liz Maule.
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