There are many grueling tasks involved with the purchase of a new home, from hiring a real estate agent to applying for a mortgage and establishing your budget. One thing that many people don’t consider during this process is whether or not to get title insurance. You may not even understand what title insurance is, or how it affects you. In fact, a title insurance policy can save you from expensive financial complications.
Who Is Protected?
So, who is protected? Title insurance protects both lenders and buyers against any financial loss over the title of a property. A lender will require the homeowner to purchase title insurance, just as they require fire insurance and other types of coverage to protect their investment in the property. The owner’s policy will also protect them against specific types of claims that may be listed in the policy.
What Is Covered?
Title insurance protects you and/or your lender against losses resulting from claims against the ownership of your property. It is different from other property insurance coverage like fire and natural disaster insurance. Title insurance protects against payments or debt that were acquired before the purchase of that property. It prevents potential financial loss that may result from claims against your title.
Your Trusted Legal Experts
If you’re looking for trusted legal experts to help with your title insurance policy, DaMore Law has you covered. DaMore Law has been representing buyers, sellers, and lenders for over 20 years. We know buying or selling a home is a significant undertaking, which is why our professional team is here to ensure the process moves as smoothly as possible. Call us to set up an appointment.