 Title insurance is crucial for a home buyer because it protects you and
the lender from the possibility that your seller doesn't -- or previous
sellers didn't -- have free and clear ownership of the house and
property and, therefore, can't rightfully transfer full ownership to
you. Problems with the title can limit your use and enjoyment of the
property, as well as cause you financial loss. This is why you need
title insurance. Your real estate attorney will arrange the process of getting you
title insurance soon after your Contract of Sale is signed. What Could Happen If You Don't Get Title Insurance? Title insurance protects against the following common hidden risks just to name a few:
Title Insurance: Lender's Policies and Buyer's Policies Title insurance is typically a combination of two policies: a
lender's policy and a borrower's policy. Your lender -- assuming you're
taking out a mortgage, will require that you buy a lender's policy (also called a
"mortgagee's policy") to pay for its legal defense costs and reimburse
any mortgage payments you can't make because you've lost the house to
someone else's claim on it. The lender may also require you to buy an "owner's policy," covering
your own legal fees and other losses, as yet another step toward
protecting the lender's collateral. Your title insurance policy
remains in effect as long as you, or your heirs, retain an interest in
the
property. Title insurance will give you the peace of mind in knowing
that the investment that you have made in your home is a safe one. The Law Office of Jeanne M. Reardon assists New York property owners with title insurance matters. To speak with
an experienced New Yorkreal estate attorney, call us at (516)
314-8433 or e-mail us. |
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