Tredyffrin Easttown Real Estate
This week we are tackling a question we get asked frequently, Why do I need title insurance, what does it do?
Secondly as our clients talk with the title company they then get asked do you want the standard or enhanced policy?
Well we sat down with Colleen P Heath of Sage Premier Settlements, (disclaimer they are a subsidiary of Long & Foster Real Estate and if you use them, Long & Foster makes money from that transaction).
Watch our video and let us know if you have any other questions?
- Title Insurance has two parts, an owner policy which covers you the owner, and a second part that insures the banks interest in the property.
- Whilst you may waive your coverage a bank will insist that you have coverage protecting their interests in the property.
- If you refinance later, your owner coverage does not need renewing, but you will need a new policy covering the new lender.
- Enhanced or Standard? Standard coverage protects you from everything that happened before settlement excluding anything listed in the policy. Enhanced covers you for that plus going forward from settlement as well.
- There may be deductibles and caps to the amount of coverage.
- Enhanced increases with the value of the property up to 150% of the purchase price.
- Enhanced costs 10% more than the standard policy.
Let me know if you have any other real estate questions we can tackle. Remember contact Nick Vandekar, Tredyffryn Easttown Realtor with Long & Foster Real Estate Inc., Nick@VandekarTeam.com, office 610-225-7400, cell or text 610-203-4543, website www.SellingTheMainLine.com.