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Q & A on Title Insurance - Home Buying in Georgia
Q & A on Title Insurance- I'm an Atlanta real estate agent and find that my home buyers often have these questions before closing.
What's title insurance? It's meant to protect the owner's or lender's financial interest in real estate.
Whose interest does it protect?  Lender's title insurance protects the lender and Owner's title insurance protects the home buyer for as long as they own the home.
Who pays for it? When a buyer is getting a loan, they pay for both the Lender's title policy and the Owner's title policy. It's a one time fee at closing. If there is no loan and it's an all cash transaction, then only Owner's title insurance is recommended.
If I have Homeowner's Insurance, do I still need Title Insurance? Yes, they insure 2 very different things. Homeowner's Insurance insures the contents and the building. Title Insurance insures your financial interest in the home.
If there's a title search and it's clear at closing why do I need it? Clear Title means that the closing attorney didn't find any liens on the property before closing and the seller is the legal owner with the right to sell the property, I heard an attorney say that 1 ... more

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