I'm closing on a house at then end of March. I've been told I have to buy title insurance. My real estate attorney even says she offers 10% off. What does that mean? what kind of insurance do you buy from an attorney? I've read the definintion of title insurance and still can't completely wrap my head around why I'd need protetcion from a "damaged title." Do I pay just one time, one fee? Or is it a monthly bill? I'd love some clarification.
2007-02-22 08:50:21 · 2 answers · asked by hrland 3 in Business & Finance ➔ Renting & Real Estate
Title insurance protects you as well as the lender from some ones long lost heir stating they have rights to your land and or home. It is required and it is just a 1 time fee based on the loan size. Your owners policy is about a $25 fee.
2007-02-22 08:55:27 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
The title policy is in fact a one time fee that is gotten each and every time you refinance your home.
The one you pay for protects the lender and is for the benefit of the lender. The title places the lender in the first position as a mortgage on your property. Anyone following their lien is now in second position.
There is one that protect you also,but your must request it from the title company and there is an additional fee you will have to pay for it.
Now to be very truthful to you I have never seen anyone purchase the additional title for themselves. Normally the one that protect the lender is sufficient. As I said I have never had anyone purchase the additional title.
I hope this has been of some use to you, good luck.
"FIGHT ON"
2007-02-22 17:22:22 · answer #2 · answered by Skip 6 · 0⤊ 0⤋