What is Title Insurance?
Title insurance is a policy that protects your investment and property rights. There are two different types of title insurance: owner’s policy and lender’s policy.
- Owner’s Policy: An owner’s policy protects your property rights for as long as you or your heirs own the home.
- Lender’s Policy: A lender’s policy is usually required by the lender in the transaction, and only protects the lender’s financial interests. The buyer typically pays for this policy, but this varies depending on geography.
How Does Title Insurance Help Buyers?
Title insurance may seem like a small detail amongst the chaos of buying a home, but it is a crucial step to protect your investment. Examine some of the benefits of having title insurance to understand why over 80% of American homebuyers purchase title insurance:
- Protect Your Largest Investment: A home is probably the single largest investment you will make in your life. You insure everything else that’s valuable to you—your life, car, health, pets, etc.—so why not your largest investment? For a one-time fee, title insurance protects your property rights for as long as you own the home.
- Reduce Risk: If you’re buying a home, there are many hidden issues that may pop up only after you purchase your home, such as an outstanding judgment or lien against the property. Getting an owner’s title insurance policy is the best way to protect yourself from unforeseen title discrepancies.
- Take Advantage of Unbeatable Value: Owner’s title insurance is a one-time fee that’s very low relative to the value and protection it provides. It typically costs around 0.5% of the home’s purchase price.
- Cover Your Heirs: As long as you or your heirs own the home, your owner’s title insurance policy protects your property rights.
- Ensure Peace of Mind: If you’re buying a home, title insurance lets you rest assured, knowing you are protected from inheriting possible debts or legal problems once you’ve closed on the home.
We offer search packages for recorded instruments that affect the title of a particular property.
This is a brief report summarizing documents that are recorded in the register of deeds and other offices concerning a property.
Disbursements made during the construction process to cover construction or remodeling costs.