Title insurance and closing costs are key components of any real estate transaction. Although many homeowners have likely heard these terms, not all may know who is responsible for paying these costs. Here is a close look at this subject. What Is Title Insurance? Title insurance is a type of indemnity insurance intended to protect […]
Why Are There Separate Title Policies For Owners & Lenders?
Title insurance is an effective way to protect against financial loss and certain legal expenses related to defects in a property title. What makes title insurance different from other types of insurance is that it focuses on risk prevention instead of risk assumption. When a person buys title insurance, a title company searches public records […]
Do I Need Owner’s Title Insurance For A Condo?
Title insurance is a type of indemnity insurance that helps protect home buyers and lenders from financial loss caused by defects in a property title. The most common type of title insurance is known as lender’s title insurance and involves the purchase of a policy by the borrower to protect the lender. When it comes […]
Do I Really Need Owner’s Title Insurance?
If you have ever financed the purchase of a home, your lender probably required you to buy title insurance. This kind of title insurance policy is a lender title insurance. It insures your lender against problems with property ownership that can put your lender at risk. Many homeowners do not really understand owner’s title insurance […]
Is Title Insurance Required in Virginia?
Title charges, including title insurance premiums, are among the largest of the closing costs that buyers pay when closing on the purchase of a home. Title insurance is not required by law in the State of Virginia. Nonetheless, your mortgage lender will likely require it as a condition of the mortgage loan, and it is […]