Title insurance protects homebuyers and lenders, not from future hazards, but from problems of the past. With owner’s title insurance, a buyer is free from worry about:
- An old forged deed that turns up.
- A long-lost heir that lays claim to the property.
- A misreading of an old will.
- Lost documents that come to light.
- A mix-up of names or marital status of past owners.
Also, a title insurance company will probably pick up the tab on any court costs involved in defending the homeowner’s case. That’s well worth the cost of the insurance – plus the peace of mind. The most economical way to buy an owner’s title insurance policy is to purchase it at the same time as the lender’s policy (Mortgage Title Insurance).
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