What is title insurance - and didn’t I buy that at closing?
Posted by Carey Frankel on
Title insurance is an insurance policy to cover any losses if it turns out the seller of a property you purchased did not have clear title to do the selling. Yes, indeed you did buy title insurance - but typically only for your lender. You have to request and purchase a separate policy for yourself as the new homeowner.
Why Didn’t My Lender Tell Me?
It may have been stated in the loan forms that you were to read, but like much of the ‘boiler plate’ terms of a loan contract some of it just washes over the reader. It is a lot of information to deal with, and often the buyer skims rather than reads in detail.
Shouldn’t My Realtor Have Told Me?
Yes, and no. Homeowner title insurance is a voluntary item, even if it is a good idea. It is…
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