What is Title Insurance?
Title insurance provides you with an Owner’s Policy, which insures that you have clear title to the property. If there are any problems later, you can always go back to the title insurance company and they will clear it up. Since it is customary for the seller to pay for the owner’s policy, they have an interest in which company is used.
Will I have to pay for Title Insurance?
You will be required to pay a fee to the title insurance company, as well. This is for the Lender’s Policy. The lender’s policy insures your mortgage lender that there are no liens or judgments against the property and that the mortgage will be in first lien position. In other words, should you sell the property or refinance it, their mortgage gets repaid first, before any other claims against the property. The lender’s policy is typically less expensive than the owner’s policy.
For more informtion contact Hilton Realtors at (417) 882-9936