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What Is Title Insurance?
There are two types of title insurance: Lenders title insurance, a/k/a “Loan Policy”, and Owner’s title insurance. The Loan Policy is usually based on the dollar amount of your loan and protects the lender’s interests in the property against a problem with the title. The coverage decreases each year and disappears as the loan is paid in full.
Owner’s title insurance is purchased as a one-time fee at closing and lasts as long as you or your heirs have an interest in the property. Owner’s title insurance protects the buyer should a problem arise with the title that was not uncovered during the title search. It also pays for any legal fees involved in defending a claim to the title.
Unlike other forms of insurance that focus on possible future events and charge an annual premium, the American Land Title Association explains that title insurance is a safeguard against loss arising from hazards and defects that already exist in the title.
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What Is A Title Search?
What Kind Of Problems Can Be Identified?
Are There any Problems That a Title Search Cannot Reveal?
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