When it comes to title insurance, having an owner’s policy is integral. However, not all homebuyers are actually aware of the importance associated with having an owner’s title insurance policy. In fact, while lenders require home purchasers to buy a lender’s title insurance policy, owner’s title insurance policies are never required. As a result, they are often left forgotten about. Here are the key takeaways associated with the extreme necessity of having an owner’s title insurance policy.
Not A Requirement
Most lenders will require that a homebuyer actually purchase a lender’s title insurance policy, when then protects the amount the bank lends out. In fact, homebuyers may want to also purchase an owner’s title insurance policy, that’ll help to protect people’s ownership to their huge financial investment.
Who Ends Up Paying For Title Insurance?
With so many new phrases and terms associated with purchasing a new home, knowing what you need and what you don’t can become extremely daunting very quickly. In fact, it is one thing to understand the importance of title insurance, but it is another thing to be aware of who is responsible for paying for it. As the settlement process approaches, you’ll get bombarded with a ton of information. But the only time you can actually purchase the title insurance- specifically an owner’s policy will be at closing. But it is important to understand that the cost simply involves a one-time payment. There are no annual fees or monthly payments that come with a owner’s title insurance policy.
At the end of the day, when making such a large purchase being aware of the need to have title insurance- particularly an owner’s policy can really make the entire real estate process more manageable and a lot more enjoyable as well. Protecting your ownership rights in your home is something every homebuyer is interested in.
A Title Company You Can Trust: Colony Title
At Colony Title, we will help you through the process of getting your property’s title and help you avoid the pitfalls of hidden costs while you buy your home. We are also well trained in identifying any and all errors in public records and helping you resolve them. We specialize in real estate title insurance in both Maryland and Washington, D.C., and we will perform an expert title search, check through all past documentation, and examine records for any fraud or forgery. For more information on how we can get you into the home of your dreams, contact us online or give us a call at (410) 884-1160. To get more updates on housing markets and how to get into your home, follow us on Facebook, Twitter, LinkedIn, and Google+.