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5
Things to Understand About Title Insurance
1.
It protects your ownership right to your
home both from fraudulent claims against your ownership
and from mistakes made in earlier sales, such as mistake
in the spelling of a person’s name or an inaccurate
description of the property.
2.
It’s a one-time cost usually based on the
price of the property.
3.
It’s usually paid for by the sellers.
4.
There are both lender title policies, which
protect the lender, and owner title policies, which
protect you. The lender will probably require a lender
policy.
5.
Discounts on premiums are sometimes
available if the home has been bought within only a few
years since not as much work is required to check the
title. Ask the title company if this discount is
available.
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