What is title insurance, and is it required?

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–Title insurance protects against events that may have happened in the past, while other insurances protect from future events. –With title insurance, there is only a one-time insurance premium paid at the loan closing, while other insurance types typically require on-going premiums.

Title insurance protects you from claims of ownership by other parties. It protects you against losses from problems that arose before you bought the property. The title company will defend you in court if there is a claim against your property, and will pay for covered losses. Is it required? Texas does not require title insurance. The lender.

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Purpose of Title Insurance. Title insurance is different from other kinds of insurance. Its sole purpose is to prevent losses and eliminate risks that can be caused by defects in a property title, defects that occurred in the past. The title insurance company examines risks and mitigates them before the deal closes and the land changes hands.

Title Insurance Coverage and Claims. Although the events that cause these types of problems happened before you purchased the property, a good title insurance policy will provide coverage for the consequences of these events as they affect your ownership of the property. There are two types of policies available, a lender’s policy and an owner’s policy.

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, therefore, can’t rightfully transfer full ownership to you.

Some include required odometer disclosure portions that the seller. A branded, rebuilt, or salvage title indicates that an insurance company has at some point declared the vehicle a total loss -.

Title insurance companies rarely pay out. That’s because real estate transactions, liens, easements, etc. are public records, and today’s technology makes them fairly easy to access. Most homes come with good titles that provide their owners with all rights and protections they expect.

Title insurance is an optional insurance policy for homeowners. Most real estate experts recommend that you purchase it always, however. You may never need to make a title insurance claim.

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