When buying a home in Virginia Beach VA, you will be asked if you’d like to purchase tittle insurance. Title insurance protects you, the new owner, of any problems affecting the property’s title that may arise at a later date.
Most Virginia Beach VA real estate agents can explain the two types of title insurance; the first is an owner’s policy which protects the buyer, and the second is a lender’s policy, which covers the lender. Your lender will purchase a title insurance police to protect their interest of the loan, but it is up to you, as the buyer, to obtain an owner’s title insurance policy to protect your interest
Both policies premiums are paid at closing. They are one-time fees, but the protection of coverage continues until, as long as you have the property. Common problems that can affect clear title include questions concerning legal ownership, errors in public records that were not discovered prior to the sale, liens against the property, and conflicts with wills or trusts. Having an owner’s policy offers peace of mind should any title issues surface down the road and will cover you in case a problem is found with your title - even years from your purchase date. And since, many title issues aren't discovered until home owners go to sell the property, many find it offers peace of mind and valuable protection.