In the past, when you refinanced a loan in Virginia or Washington DC you used to have to have an existing title policy that was less than 10 years old in order to get the reissue rate. And you had to produce a copy for the title company. Then either the original title company, or even a new one, would be able to issue you a title policy with a reissue rate, which saves quite a bit of money. Now it is not required Read the rest of this entry »
Title insurance is insurance against defects in title to real property. It is meant to protect an owner's or lender's financial interest in property against loss due to title defects, liens or other matter of public record. It will defend against a lawsuit attacking the title, or reimburse the insured for the actual monetary loss incurred, up to the dollar amount of insurance provided by the policy.
Just as lenders require fire insurance and other types of insurance coverage to protect their investment, nearly all Read the rest of this entry »