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What Is A Title Policy For A Home

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Insurance such as car, life, health, etc., protects against potential future events and is paid for with monthly or annual premiums. A title insurance policy insures against events that occurred in the past of the real estate property and the people who owned it, for a one-time premium paid at the close of the escrow.

Featured In. Getting title insurance is one of the standard steps home buyers take before closing on a home purchase. Title insurance is crucial for a home buyer because it protects you and the lender from the possibility that your seller doesn’t — or previous sellers didn’t — have free and clear ownership of the house and property and,

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The title insurance policy covers the purchaser for up to the amount that the property was purchased for. Lenders and Title Insurance. Another type of title policy is one that offers coverage to the bank or lender that’s financing the purchase of a piece of property. This gives the lender legal protection against the same risks, and stays attached to the loan in the event the property is sold again to another party.

But remember, the seller has transferred that risk to the insurance company. And even though the lender is protected by the title policy, your stake in the home could be at risk. That would be equal to your down payment and any equity you have. Again, a title claim could happen many years after your purchase.

Payment of successful claims against the title to your home covered by the policy, up to the cost of.

Basically it is an insurance policy issued by a title company. It guarantees the purchaser that they have researched every title transfer on the property and and can find no unusual circumstances whereby someone could later come forward and say that the property is theirs and can find no outstanding loans or other indebtedness against the property.

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The average cost of title insurance is $544 for the lender’s policy and $830 for the homeowner’s policy, for a total cost of $1,374. We calculated this cost by collecting a number of mortgage closing cost estimates for a home in the largest state for a house with the national median value.

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