Posted on: 27th Aug, 2009 08:46 pm
One lender I was taking estimates from talked about title search would be required and that there will expenses for title insurance policy. I would like to know more about it and how much will it cost, will the lender himself do the title search
Title insurance is a type of indemnity insurance against any kind of financial loss from defects in title to real property. Title insurance can be purchased in order to insure any interest in real property such as lease, easement or life estate. Lenders would require a title insurance policy in order to protect their interest in the collateral which is used to secure the loan. There are premium charges and service fees associated with title insurance and these charges may vary from state to state.
lenders do not perform title searches; an attorney's office will provide that service. title insurance is, as noted, required by lenders. you may also wish to purchase your own policy. speak with your attorney about that possibility.
Title insurance is protection against loss arising from problems connected to the title to your property.
Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more.
Before you purchased your home, it may have gone through several ownership changes, and the land on which it stands went through many more.
Tilte search cost is charged to ensure that seller have a salable interest in the property.
Title insurance protects against losses due to Discrepancy related to title.
It is unfortunate, but we have to pay both the charges
Title insurance protects against losses due to Discrepancy related to title.
It is unfortunate, but we have to pay both the charges
it contains four parts:
1. Agreement of insurance.
2. A schedule describing the subject matter of insurance.
3. A schedule of exceptions.
4. Conditions of the policy.
1. Agreement of insurance.
2. A schedule describing the subject matter of insurance.
3. A schedule of exceptions.
4. Conditions of the policy.
As George pointed out, you may want to obtain your own title insurance policy for the transaction. What your lender is requiring is most likely a LENDER'S TI policy. It will NOT cover YOU should any discrepancies arise from the transaction.