Five Things to Know About Title Insurance
- Title Insurance protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such a 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 buyer.
- There are lender title policies, which protect the lender and owner title policies which protect the buyer. 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.
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