– Title insurance is a policy that protects against loss if the condition of title to land is other than as insured.
– Title insurance is necessary when buying property to ensure that you can enjoy the benefits of ownership without any unexpected debts or obligations.
– If there is a problem with your title, you can make a claim without losing your property, and the insurance includes coverage for legal expenses.
– The cost of title insurance varies based on the value of the property, but it is a one-time payment that continues for as long as you have an interest in the property. – The lender’s title insurance policy only covers the amount of the loan, not the full property value.
– An owner’s title insurance policy is necessary to protect against adverse claims and legal expenses.
– Standard coverage for title insurance includes risks such as forgery, undisclosed prior mortgages or liens, and erroneous legal descriptions.
– Extended coverage may be requested to protect against off-record matters, encroaching buildings, and pre-existing violations of laws or ordinances.
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