4 Important Things That Home Buyers Should Know about Title Insurance

Posted January 21, 2020 by Jasonjones

If you are buying your first home, title insurance may be a new concept. This insurance is different from others in process and scope. If you are confused about this indemnity cover, here are a few things that you need to know about title insurance.
There are two different title insurance policies

If a buyer is getting a mortgage to pay for the home, the financier will need a type of title insurance policy that protects the interests of the lender in the property. This is usually called lenders title insurance orloan policy. The home buyer can also get an owner’s title policy that protects his/her interests in the property for the years that they own it. You should consult a professional because this policy is subject to requirements, exclusions, exceptions, and conditions.

It protects your rights of ownership to the home or property

Through examination and research process, title and settlement services can detect liens, defects, and encumbrances in the title chain that can significantly affect your ownership interests in the home. Title insurance will protect you against any past events that may have an impact on the ownership of the land, for example, an unreleased mortgage. This insurance is required by the financier and it is different from homeowner’s policy that protects against future accidents such as fires or theft.

Title insurance is only paid for once

The title insurance premium is a one-time fee that is usually paid at closing. However, the coverage that is included in the policy tends to last as long as the parties and their heirs own the property. This is unlike loan policies that are no longer effective once the loan payment is completed or refinanced.

You can always choose your preferred title insurance company

The Real Estate Settlement Procedures Act allows homebuyers to choose their providers for different settlement services. This means that homeowners can choose the title insurance companies that they want. They are free to work with companies or professionals that they are comfortable with.

Owner’s title insurance is an important policy that protects your rights in case the property rights or ownership is challenged. This is why it is crucial for every property buyer to get title insurance. When you have a policy, you will have an insurer who will stand by you in case somebody challenges the title of your home.

About Gregg County Title

Gregg County Title is a company that offers comprehensive insurance, closing and underwriting for both residential and commercial real estate transactions. They have a team of qualified and proficient professionals who have years of experience in the title industry. Regardless of the transaction size, you can expect unmatched services from Gregg County Title.

Contact us:-
Company Name:- Gregg County Title
Address:- 4001 Technology Center, Suite 203, Longview, TX, 75605
Phone:- +1-(903)-653-4188
Website:- https://www.greggcountytitle.com/
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Issued By Gregg County Title
Country United States
Categories Advertising , Business , Services
Tags lenders title insurance , title and settlement services , title insurance companies
Last Updated January 21, 2020