Title Insurance

KLeer Title

Title Insurance

Title Insurance policy protects the policy holder. Every title policy covers a lender or an owner should anything go wrong with the title to a real estate property

Title Insurance is a protection against unknown defects in title to a real estate property and will defend you against a lawsuit attacking the title or reimburse the insured for the actual monetary loss incurred up to the dollar amount of insurance provided on the policy.

There are two types of Title Insurance policies:

  1. Lenders choose to get a Lender title policy for the amount of insurance coverage for the loan.
  2. Owners choose to get a Owners title policy for the amount of the insurance coverage for the purchase price of the home.

When purchasing a home, you want to be protected against past title defects. The best way to protect your biggest asset is with an owners title policy. When you get a loan, your lender will require a lender title policy to protect the amount of the loan.

Notary CAM Explained

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Title insurance focuses on preventing risks. Title companies do a title search and will rectify any title liens before you close. Once you close, the seller pays for the insurance at closing. You are then covered for the length of time you own that real estate property.

Lender title insurance covers the lender until the loan has been paid in full and the lender is no longer a note holder. Lenders want to be sure their loan is in first position on the property and no other liens come before them.