April 4, 2018 1:49 pm
Published by James Smith
When it comes to real estate closings, most fees on the Settlement Statement are self-explanatory, but one question seems to arise from the buyer at most closings, “What is homeowner title insurance and why am I paying for it?” Title insurance is an agreement between the buyer and the title company to hold harmless the homebuyer in case of a loss/law suit caused by certain defects in the title, such as improperly recorded legal documents, Con-artist trying to sell a home they do not own, forged deeds or deeds by minors, errors in tax records or claims made against your home after the closing. A focus of title insurance is to identify and correct potential issues in title prior to…
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