Home Title Insurance

Home Title insurance is usually required by the lender to protect the lender against loss resulting from claims by others against your new home. In some states, a real estate lawyer or home title insurance lawyer offers title insurance as part of their services in examining title and providing a title opinion. The attorney's fee may include the title insurance premium. In other states, a home title insurance company or title agent directly provides the home title insurance.

The best selection for home title insurance ranks as important as your choice of mortgage programs and interest rates.

Listed below are a few issues regarding title insurance that may be of some help to you:

• Owner's Policy A lender’s title insurance policy does not protect you. Similarly, the prior owner’s policy does not protect you. If you want to protect yourself from claims by others against your new home, you will need an owner's policy.
• Choice of Title Insurer Under RESPA, the seller may not require you, as a condition of the sale, to purchase home title insurance from any particular title company. Generally, your lender will require title insurance from a company that is acceptable to it.
• Review Initial Title Report In many areas, a few days or weeks before the settlement or closing of the escrow, the title insurance company will issue a "Commitment to Insure" or preliminary report or "binder" containing a summary of any defects in title which have been identified by the title search, as well as any exceptions from the title insurance policy’s coverage.
• Coverage & Cost Savings To save money on home title insurance, compare rates among various title insurance companies. If you are buying a newly constructed home, make certain your title insurance covers claims by contractors. These claims are known as "mechanics and contractors liens" in some parts of the country.
• Property/Real Estate Survey Lenders or home title insurance companies often require a real estate survey to mark the boundaries of the property. You may be able to avoid the cost of a complete property survey if you can locate the person who previously surveyed the property and request an update.

All home title insurance providers are not the same. Make sure that you are doing business with a qualified professional. Contact a Real Estate Lawyer for additional information.

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A title insurance lawyer can give legal advice to assist you in your home title insurance matters.