| Two Types of Title Insurance |
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There are two basic kinds of title insurance:
Most lenders require that a buyer purchase title insurance as security for the mortgage company’s investment in the property just as they may require fire insurance and other types of coverage. When title insurance is provided, lenders are willing to make mortgage money available to the buyer. Owner’s title insurance lasts as long as you, the policyholder – or your heirs – have an interest in the insured property. This may even be after you have sold the property. Depending on local practices and state law where the property is located, you may pay an additional one-time premium for an owner’s policy or you may pay a simultaneous issue charge (usually a smaller amount) for the separate lender coverage. You may even split settlement costs with the seller for the lender or owner’s policy. Learn More: |
Edina Office
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