Why Do I Need Owner's and Lender's Title Policies?

Real Estate

Real Estate Matters with Tim Bro

Why Do I Need Owner’s and Lender’s Title Policies?

A common question that buyers ask their real estate agents is, “Why do I need an owner’s title policy and a lender’s title policy?  

Insuring title begins with a search of public records to determine that title to the property is insurable – that, among other things includes: 

·         Deeds contain no incorrect names or wording

·         Any outstanding mortgages, judgments, or liens against the property that will need to be paid at the close of escrow

·         Any pending legal actions against the property that could affect buyers

·         Any defects on the title that need to be addressed

Simply put, title insurance protects against financial loss from defects in title to real property – for mortgage lenders as well as buyers.

To get started with your home sale or purchase, call Tim @ 858-354-2354, “The Right Choice in Real Estate”.

When Real Estate Matters, contact Tim.  BRE #01224576

 

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