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Title Insurance
Title insurance is important
because, by providing you with an Owners Policy, they insure that you
have clear title to the property. If there are any problems later, you
can always go back to the title insurance company and have them clear it
up.
However, you are
going to pay a fee to the title insurance company, too. This is for the
Lender’s Policy. The lender’s policy insures your mortgage lender that
there are no liens or judgments against the property and that the
mortgage will be in first position. In other words, should you sell the
property or refinance it, their mortgage gets paid first, before any
other claims against the property.
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