When it comes to buying a home, it's the unexpected things that create problems. That’s why title insurance is so important. It isn't very well-known among most homebuyers, but it’s key to ensuring a quick and easy process.
In the mortgage process, the seller must transfer the legal rights to own, use and dispose of the property in the form of a "title" to the buyer.
Before issuing a transfer, title companies must do a Title Search, checking public records, to verify the seller's right to transfer. The homebuyer's legal right to the property could be challenged if the search finds any of the following defects:
Title insurance is designed to protect homebuyers and lenders from any financial loss, caused by problems like these.
Title insurance comes in two forms: a lender's policy and owner's policy.
Lender's policy – Protects the mortgage lender's security interest for the amount of the mortgage loan. This policy lasts as long as the mortgage lasts.
Owner's policy – Protects the homebuyer's investment in the property for the full value of the property. This policy lasts as long as the homeowner claims the property.
Most borrowers have the ability to shop for title insurance to ensure they are getting the proper coverage at the best price.
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