Reduce closing costs by having a basic understanding of title insurance which could save you hundreds or even thousands of dollars at settlement. What is title insurance? Title insurance protects the homeowners from unforeseen or unknown events or circumstances that adversely affect the title or their beneficial use and enjoyment of their new property. A standard title insurance policy covers claims that arise from events that existed at the time you bought your home. These events can include forged documents and documents signed by persons posing as another, or who lack the mental competency, capacity or legal authority to sign. These standard policies also cover you if claims are made by persons who should have been included in a deed but were not, such as co-owners, heirs, spouses, corporate officers or business partners. An enhanced policy may be bought at the time you settle on your purchase. This policy is referred to as a “homeowner’s” title policy. This policy protects you … [Read more...]
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