What is Title Insurance?
What is Title Insurance?
Title insurance will protect the lender and homebuyers from claims or the consequences of claims, previously unknown, over the ownership of a property.
Title insurance costs are regulated differently by different states. Some states will have the same title insurance costs all over the state like Michigan; others will have them vary among companies.
The homeowner has to select their Title insurance company following the lending institution's advice or their own knowledge and common sense.
It is forbidden by the law that a lender or Realtor demands signing with specific title insurance companies.
Title insurance will protect the lender or the owner only from losses and liens arising from prior events before signing the policy. This is in contrast to life term insurance or PMI which protect the lender and the owner from losses that have occurred during the term of the policy.
*In addition to this, the Title Insurance company examines the title thoroughly to validate its authenticity, and also tries to delve out all the legal and financial issues related to the property including taxes, water bill status, and HOA's
Furthermore, it facilitates the smooth closing of the real estate deal.
Keith Stonehouse
Vice President
Franklin Title Agency
Office: 248-564-4022
Cell: 248-894-4785
Fax: 248-564-4024
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