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
Your real estate attorney will arrange the process of getting you
title insurance soon after your Contract of Sale is signed.
Zoning is a device of land use planning used by local governments. Zoning may be use-based (regulating the uses to which
land may be put), or it may regulate building height, lot coverage, and
similar characteristics, or some combination of these.
The primary purpose of zoning is to segregate land uses that
are thought to be incompatible. In practice, zoning is used to prevent
new development from interfering with existing residents or businesses and to preserve the "character" of a community or neighborhood.
It is a commonly accepted practice for home buyers to purchase title insurance. Title insurance provides buyers, and their lenders with coverage up to the full purchase price of a home in the event a valid title claim is instituted against the property. Buyers of co-ops, however, rarely purchase title insurance.
Since co-op buyers are not purchasing real estate, but rather shares in a corporation – accompanied by a proprietary lease that gives the buyer the right to live in the co-op, traditional title insurance would not cover the buyer's ownership interest in the shares.
Buying a house may be the most significant and expensive purchase you will make. When you make such a significant investment in the purchase of a home, how can you be sure that there are no
problems with the home's title? 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.
Title insurance will pay for defending you against any lawsuit
attacking your title, and will either eliminate title defects or pay your financial losses, up to the amount of the policy.