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It protects your ownership right to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person's name or an inaccurate description of the property.
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It is especially important when purchasing a foreclosure property. Sometimes liens such as an IRS lien is filed after the purchase of the property. It will protect your rights to the property.
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There are Basic and Extended policies. Extended policies will cover you for the entire time you own the home. You will want to ask the Title Company handling the closing about this.
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It's a one-time cost usually based on the price of the property. If you refinance the property the title insurance policy will remain in effect.
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There are both lender title policies, which protect the lender, and owner title policies, which protect you. The lender will probably require a lender policy.
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Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.
If you are looking to buy or sell a home in the Prince William, Fairfax, or Arlington County area contact Stacy at stacy@stacymagid.com or call us me(571) 357-2748. Put my record of great customer service and experience to work for you.
Stacy Magid
REALTOR®
USAA MoversAdvantage Preferred Agent
Century 21 New Millennium
12581 Milstead Way Suite #400
Woodbridge VA 22192
703-599-5337 (cell)
540-658-2185 (fax)
www.princewilliamhomesales.com
stacy@stacymagid.com
PWAR Top Producing Team
Short Sale & Foreclosure Resource Specialist
Licensed in the Commonwealth of Virginia
This post has been included in
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Post is included in group:
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