Shopping for a home means coming to understand a world of legalities designed to help protect the process of property transactions in the United States. That means learning about the various stages of investigation needed to transfer ownership with confidence. Home inspections, appraisals, title searches, and other steps inform buyers and sellers of possible complications with the sale. When it comes to navigating these requirements, homeowners need to understand their obligations and the mechanisms built to protect them, such as owner’s title insurance. Read the rest of this entry »
There are two types of title insurance policies that you will need to consider when getting a new mortgage. The lender will require you to purchase Lender’s Title Insurance, which protects the lender from future title issues. Yet, that doesn’t cover the homeowner. There is also Owner’s Title Insurance to consider, which is optional for the consumer to get. Read the rest of this entry »
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 estate. It is meant to protect an owner or a lender against loss due to title defects, liens or other title issues. It will defend against a lawsuit against 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 mortgage lenders require homeowners insurance to protect their investment, Read the rest of this entry »