One fee you may pay when you buy a home is for an owner’s title insurance policy and for a lender’s title insurance policy. Title insurance for a lender assures the lender that you own the home free and clear, with no liens on it. When you buy title insurance a title company will run a title search to check public records for information on the home. When you get an owner’s title insurance policy, the title insurance company protects you from title issues that your real estate property might have had prior to your ownership. It may be fraud, it may be a lien that is not discovered, or another title issue. In these instance, the title company’s title insurance policy will protect you from undisclosed issues. Who pays for the title insurance varies by state – sometimes it’s the buyer, sometimes the seller. Learn the ins and outs of title insurance here.
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Title insurance protects you and your property. A title insurance company runs a title search before issuing a policy. A title search means looking at public records relating to your property and tracing the chain of ownership. What documents are included in a title search?
When you buy a property in a subdivision, your property likely has easements around it. In some cases these easements are for utilities. An easement allows a second party, such as a utility company or neighbor, access to property. Easements are legally documented and it's helpful to consult a real estate attorney to understand them.
What is an easement? An easement allows a second party, such as a neighbor or utility company, access to your property. An easement is limited to a small part of a property usually and it stipulates the property's condition after the second party accesses the property. You can find out your property's easements by looking at the survey completed with your title insurance. Learn about easements here.
What is a title commitment? The title commitment is the promise the title company makes to provide title insurance. The title insurance protects you if anyone makes a claim against your property. The title commitment is used in conjunction with a survey that illustrates the property.
What does title insurance cover? Title insurance covers property line disputes, easements, bad appraisals, fraud and forgery. Learn what title insurance covers before you buy it. Find out how title insurance protects you and your property.
What could happen without title insurance? Chicago Title's Gina Giannelli describes bad situations that happened when the property owners did not have title insurance. Buying title insurance protects you and your property.
The cost of title insurance varies depending on where you are buying property. Some states regulate the cost of title insurance. Other states allow for title insurance price competition. Chicago Title's Gina Giannelli explains the cost of title insurance.
How long does title insurance last? What is the dollar value of a title insurance policy? Does title insurance cover the full property value? How do property value changes affect title insurance? Watch this video to learn the answers to these title insurance questions.