Today, we are talking about title insurance. At this point, you have already signed a contract and a mortgage application. Now, it is time for the title search. Your attorney will reach out to a title insurance company to run a title search on the property.
A title search checks all the public records for liens, judgments, building violations, etc., to issue a free and clear title to the property. You want to ensure that it is free of liens or judgments when you own the property, and the title is free and clear.
Along with the property, the buyers and sellers are also checked for liens and judgments.
Once all that is completed, your attorney will ask you to purchase title insurance. Title insurance is the only insurance purchased for the past that covers any discrepancies that may have been missed in the public records check process. In my 35 years of experience, I have never had a client not purchase title insurance, and I highly recommend it. There are two types of title insurance policies; one covers the bank and mortgage, and the other covers you as the homeowner. Most lenders require a mortgage policy. The owner’s policy is optional but highly recommended.
Like we always say, the home buying experience is different for every buyer. To get a customized, comprehensive consultation, contact us at firstname.lastname@example.org or follow us on Instagram at Martino Realty Group.