what exactly does title insurance cover? is it true you only pay for it once
2007-02-06 05:37:18 · 7 answers · asked by mzswales 2 in Business & Finance ➔ Insurance
You pay for it once every time you get a title to a property. It covers the purchase price of the property, if it turns out there's a problem with your title of ownership to the property. Example: Five owners ago, someone forged the name of the seller, and now the TRUE owner wants the property back. Or, the registrar of deeds made a mistake 25 years ago, and your lot that you THOUGHT you owned is actually the wrong number, and your ACTUAL lot is in the middle of nowhere, or doesn't exist.
2007-02-06 06:07:06 · answer #1 · answered by Anonymous 7 · 0⤊ 0⤋
Title insurance is a guarantee that the house or land that you are buying can be legally sold and that the people selling it to you can legally sell it you.
It will also protect you because the title insurance will show what type of zoning your property is, etc...
You would buy title insurance every time you buy a new home or property.
2007-02-06 05:49:08 · answer #2 · answered by doodles 3 · 0⤊ 0⤋
You pay for title insurance every time you mortgage or refinance a property. It insures the mortgage company that someone else does not have a mortgage or lien on your property, that you are the true owner of the property and that the taxes show they are paid. Also that you are not over-extended with 2nd and 3rd mortgages and equity loans.
2007-02-06 05:45:34 · answer #3 · answered by marie 7 · 0⤊ 0⤋
An escrow company (at least in Ca) will take care of the title insurance. And you must pay each time you purchase a new property or refinance.
2007-02-06 05:44:47 · answer #4 · answered by Semi-charmed 4 · 0⤊ 0⤋
yes, you only pay for it at closing of the house. It's sorta like insuring that you have a good title to the house so that stuff from the past doesn't come back to bite you in the butt. And yes, you want it and you need it.
2007-02-06 05:46:13 · answer #5 · answered by Proud Momma 6 · 0⤊ 0⤋
in maximum circumstances once you shut on a property you pay for call coverage for the lender. It protects thier investment. this is clever for the shopper to additionally purchase a call binder in case a mistake in studying the call replaced into made. in case you do no longer and a lien have been neglected interior the call seek, on the grounds this is linked to the valuables, it runs with the valuables and as a effect the present proprietor could owe for the lien. one thousand money at last might desire to shop you 1000's extra.
2016-12-17 03:49:31 · answer #6 · answered by ? 4 · 0⤊ 0⤋
it guarantees that you get what is on the title/deed, with no liens. and yes it's true you only pay once,
2007-02-06 05:48:25 · answer #7 · answered by Anonymous · 0⤊ 1⤋