Title insurance protects buyers and lenders from financial loss due to defects in a property’s title, such as liens, fraud, or ownership disputes.
It’s not legally required, but most lenders mandate it. It’s a smart investment for buyers.
Owner’s Policy: Covers the buyer for the full purchase price.
Loan Policy: Covers the lender for the loan amount.
It covers issues like forged documents, unknown heirs, recording errors, and undisclosed easements.
It doesn’t cover property condition issues, infestations, or natural disasters.
Costs range from 0.5% to 1.0% of the purchase price. Rates are regulated statewide.
Typically, the buyer pays for the owner’s policy at closing.
No. The policy lasts as long as you or your heirs own the property. A new policy is needed only when refinancing.
Yes, but it’s strongly recommended to have legal counsel to review documents and resolve title issues.