Shopping for a home means coming to understand Owner’s Title Insurance vs. Lender’s Title Insurance. It also means learning about home inspections, appraisals, title searches, and other steps inform buyers and sellers of possible complications with the sale. Homeowners need to understand mechanisms built to protect them, such as owner’s title insurance.
Blog Category: title insurance
Title Insurance And Reissue Rates: 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. A reissue rate saves quite a bit of money.
What Is Title Insurance? 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.
What is owner’s title insurance? 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.