Title insurance is an interesting and necessary part of the real estate equation. When a buyer gets a loan for a home, the lender is going to REQUIRE that the buyer purchase a lender's policy of title insurance. This means the purchaser buys the policy to protect the lender's interest in the property. But what about the buyer's interest?
Well, thankfully, one can also purchase an owner's policy at the same time. This is a nominal one-time fee that is collected and built in to the closing. But, is it required? No. The buyer chooses whether he wants to buy it. But if he doesn't, he's quite simply crazy. The people of Rock Hill and York County were pretty thankful they had owner's coverage when the Catawbas came a-knocking at the door. Of course, this is one of the most extreme examples that we've seen in this state but there are lots of other, more common situations that do occur.
For instance, that title insurance will protect the homeowner in the event that "one day" it's discovered that there was an old mortgage that wasn't satisfied, or that a deed was forged, or that a seller's mistress signed the deed rather than Mrs. Seller. This insurance protects your interest in that property and represents you in the event of any legal action. In short, it can be the best nominal one-time fee you can buy!
Well, thankfully, one can also purchase an owner's policy at the same time. This is a nominal one-time fee that is collected and built in to the closing. But, is it required? No. The buyer chooses whether he wants to buy it. But if he doesn't, he's quite simply crazy. The people of Rock Hill and York County were pretty thankful they had owner's coverage when the Catawbas came a-knocking at the door. Of course, this is one of the most extreme examples that we've seen in this state but there are lots of other, more common situations that do occur.
For instance, that title insurance will protect the homeowner in the event that "one day" it's discovered that there was an old mortgage that wasn't satisfied, or that a deed was forged, or that a seller's mistress signed the deed rather than Mrs. Seller. This insurance protects your interest in that property and represents you in the event of any legal action. In short, it can be the best nominal one-time fee you can buy!
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