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Selling Your First House? -- Here's the Scoop! (Part 3)
Selling Your First House?  -- Here's the Scoop! (Part 3 - Title Insurance)  -- So what is Title Insurance, why do you need it and how expensive is it?
The most important thing to know is that it protects your family, the buyer and the lender against any possible future questions over legal ownership of the property.  Prior to all closings in Indiana, a title company will complete a title search to see if there are any known defects or liens against the title -- in other words, does the person selling the home really own the property and has anyone filed a lien against it for unpaid debt?  (Like the county for unpaid taxes or a contractor who performed work on the property, but was never paid)  If something arises from that search, it will need to be remedied prior to closing, but what if something surfaces after closing?  Chicago Title, explains it this way:
How can there be title defect if the title has been searched and a loan policy issued?Title insurance is issued after a careful examination of copies of the public records. But even the most thorough search cannot absolutely assure that no title hazards are present, despite the knowledge ... more

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