Buying a home can
be a complicated process. Ask the real estate broker about what
you’ll be required to bring to closing, as there can be a number of
added expenses besides the down payment. For example, during the
closing process when people purchase a home, one of the items that
the buyer will often be asked to purchase is title insurance.
May Be Required By Your Lender
Although it isn’t
always required by law, unless you’re paying in full for your home,
you may not have a choice. Many mortgage lenders require the purchase
of title insurance to help protect their investment. In case a
problem comes up, they don’t want to be out the cost of the home, and
neither do you.
There Are Two
Types of Title Insurance
title insurance policy is meant to protect the lender and cover any
payments that you can’t make if someone else claims the house from
you. The owner’s policy cover’s your own losses should this occur.
While sometimes the lender only requires you to purchase the lender’s
Title Insurance in Blissfield MI, it may be a good
idea to purchase both types of lender’s insurance.
Insurance Company Performs a Title Search
When you purchase Home Title Insurance in Blissfield MI, the title
insurance company first does a thorough search to verify that the
title appears to be clear and that the person selling the home really
does own it and have the right to sell it. If any problems are
discovered, they’ll notify you and the sale can be called off without
any penalties to you. In the case of liens on the property, sometimes
the seller simply pays these off to clear the title and allow the
sale to go through.
You From Unforeseen Problems With the Title
rare for there to actually be a problem with a title that isn’t
caught ahead of time by the title insurance company, but in rare
instances, there are issues due to fraud, omitted heirs, errors in
the public record, and undiscovered liens. With title insurance,
losses due to these types of errors will be the responsibility of the
us for more information. We can help with
all your title insurance needs.