As the homeowner, you should have an owner’s policy for the purchase price of the home. The face amount of the lender’s policy decreases as you pay down the mortgage. The lender needs protection only for the amount of the loan. On most residential properties, there are two parties who need coverage: the lender and the homeowner. Q: What are the different types of Title policies?Ī: Anyone who has a financial interest in the property should have title insurance. Title insurance protects you from claims arising from any one of these events if the event took place before you bought the property. Instruments executed under invalid or expired power of attorney.False impersonation of the true owner of the property.Deeds by persons of unsound mind, by minors or by persons supposedly single, but in fact married.Liens for unpaid estate, inheritance, income or gift taxes. There are no yearly or monthly fees with Title insurance.Ī: Below you will find a list of the most common hidden risks that can cause a loss of title or create an encumbrance on your Title: In addition with Title insurance you only make one payment. This is unique because most insurance protects you from future events. Title insurance is designed to protect you from incidents in the past. This section of our website will give you answers to questions that we frequently get from home buyers.Ī: Title insurance is unlike other types of insurance.
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