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Insurance for Your Investment
Insurance for Your Investment
As you proceed with the purchase of an Arizona investment property, there are 2 types of insurance that you will encounter – title insurance and homeowners insurance.
 
Title Insurancemakes certain that the transfer of ownership of your new property happens smoothly, and that you have protection against future claims against the property. During escrow, the title company will perform an extensive search and analysis of all recorded documents attached to your property. You will receive “preliminary title” almost immediately upon opening escrow, and this gives the title company time to complete any investigations and fix any problems before close of escrow.
 
Although a complete search is performed before closing escrow, you still require title insurance because it is possible that some problems with title may go undetected. Overlooked items that did not show up in the initial title search may show up later in your ownership. Title insurance protects you against these problems and claims.
 
In a new loan, the buyer traditionally pays for the lender’s policy. It is also customary for the seller to pay for the owner’s policy. Title insurance only needs to be paid for one time at the close of escrow. ... more

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