Step 7: Making Sure the Title is OK and Getting Title Insurance
OK, so you've gotten your insurance taken care of. What's this title insurance thing?Remember, the insurance we just talked about was homeowner's insurance.
When you purchase a home, you expect the seller to pass on a clear title. But in the real world, that is rarely possible. Even when it seems the title is clear, there may be title defects that can't be know from looking at the records on the home in the court house public records! Things like prior fraud, or an unknown heir. And these can be costly problems. Title insurance keeps it from being your problem!
And because of those potential problems, mortgage lenders will always require a Lender's Title Insurance Policy. Buyers should always think like a lender and obtain an Owner's Title Insurance Policy.
See the detailed article about Title Insurance on our main company web site for more information.
Go on to Step 8 of Buying a Home |
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