In Georgia, when you close on a home, part of your closing costs are for lender title insurance and title insurance for the buyer. Its a one time cost and is good for as long as you own your home. I have had a few clients question whether or not to get the optional buyers title insurance and I always tell them to do it.
I have a seller right now that I sold them their home 6 years ago. We are under contract and the attorney called me yesterday to tell me they needed to fix a cloud on the title. Apparently several owners ago, someone left a home equity line open. Well, without title insurance, my seller might have had to pay extra attorney fees to get this corrected. Since they have insurance, it will cover the costs of taking care of this issue.
It does make me mad though, that the last closing attorney did not catch this. When buying a home, make sure you get title insurance. You never know when you might need it.
Comments (5)Subscribe to CommentsComment