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4 Tips About Title Insurance
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An important part of real estate closings is title insurance. Title insurance protects real estate owners and lenders against property loss or damage they might experience because of liens from creditors, encumbrances, fraud or defects in the property title. Unlike other insurance which protects against future issues, title insurance protects against events that occurred in the past. Here are some things you should understand about title insurance before going to the closing:
Title insurance protects you from fraudulent claims about the property. During the closing process, you will receive the “title insurance binder” papers that tell you about the history of the property. Although there will be a lot of boring stuff to read through, there may be important information that you need to know about, such as old deed restrictions that still apply, and you are subject to obey. It is advisable to completely read the insurance binder to be aware of these restrictions.
This insurance is usually paid for by the seller and is a one time cost that is based on the price of the property.
Title insurance is usually required for both the lender and the buyer.
Sometimes discounts on premiums are available if the home has been built within a few years as it will not require as much work to check the title. Check with the title company to see if this discount is available.
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Libby is a proud mother of three children and currently resides on the Northshore in Mandeville. She was born and raised in Southern California and has personally moved several times with her family s....