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WHY USE A TITLE INSURANCE COMPANY

 

You cannot avoid Title insurance. If you are buying a new home, or refinancing your current home, the lender is probably forcing you to buy Title insurance. You are buying the insurance, not the lender. They want you to pay to protect their interest as well as yours.

 

This leads to two questions:

 

1. Can you save money by knowing a few basics?

 

2. Can you choose your own Title agent to write the policy and close the deal for you?

 

The answer to both of these questions is: YES.

 

Let's look at Question 2, first. You are spending a significant sum of money on the home, and you are paying considerable fees to the bank. Using your own Title agent costs no more than the lender or real estate agent's referral.  You are paying the same amount of money, but you are in control of the closing. Your title agent is on your side of the closing table  working for you.


Title insurance companies are in business to make sure your rights and interests to the property are clear, that transfer of title takes place efficiently and correctly and that your interests as a homebuyer are protected to the maximum degree.

 

Title insurance companies provide services to buyers, sellers, real estate developers, builders, mortgage lenders and others who have an interest in real estate transfer.

 

Title companies routinely issue two types of policies - "owner's," which covers you, the homebuyer; and "lender's," which covers the bank, savings and loan or other lending institution over the life of the loan. Both are issued at the time of purchase for a modest, one-time premium.

 

Before issuing a policy, however, the title company performs an extensive search of relevant public records to determine if anyone other than you has an interest in the property. Once a title policy is issued, if for some reason any claim which is covered under your title policy is ever filed against your property, the title company will pay the legal fees involved in defense of your rights, as well as any covered loss arising from valid claim.

WHY TITLE INSURANCE IS NEEDED WHEN REFINANCING A MORTGAGE LOAN

Why do you need to buy title insurance again even though you purchased a policy when you first bought your home and there is no change in ownership?

It's because a separate policy is needed by the lender insuring the validity of your mortgage when it is made.

For as long as you own the property your mortgage is valid, but it doesn't insure the new mortgage created when you refinance, and it doesn't provide protection against events that may have transpired between the time you purchase the property and when it is refinanced.

For example, you may have taken out a second mortgage on the home that could threaten the priority of the new lender's mortgage. Or, there could be legal judgements against you or a mechanic's lien against the property by a supplier who wasn't paid for home improvements.

Lenders also insist on a new title policy because many mortgages are packaged as securities and sold to investors in the secondary mortgage market. Title insurance is the only practical way to provide the assurance investors demand and to ensure that the mortgages backing these securities are valid and enforceable.

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