Why Title Insurance?
Title Insurance – Eliminate Risk and Loss
Owning real estate is one of the most precious values of freedom in this country. You want to be sure that the property you are buying is yours, no strings attached. Other than your mortgage holder, no one else should have any claims or restrictions
the Seller Needs to Provide Title I nsurance?
Any purchaser will need evidence that their investment in your property is free of title defects. The title insurance policy that you provide is a guarantee that you’re selling a clear title to your real estate, without any legal attachments that might limit or jeopardize ownership. It will reassure your purchaser that they are protected from any risks or losses and could help you close the deal.
Why the buyer needs title insurance?
Without title insurance, you may not be fully protected against errors in public records, hidden defects, or mistakes in examination of the title. As a result, you may be held fully accountable for any prior liens, judgments or claims brought against your new property. If this should occur, your title policy insures that you will be defended at no cost against all covered claims up to the amount of the policy.
How much does title insurance cost?
The insurance commission approves and controls the premiums for title insurance policies. The premiums are paid only once and the cost depends upon the purchase price of the property. The policy amount must be equal to the purchase price.