Why buy Title
Why consider purchasing title insurance?
Actually, there are two types of title insurance policies to consider- a lender's policy (also known as a "loan" policy) and an owner's policy.
A lender's policy protects the lender's investment by paying the mortgage in the event that a title defect voids the owner/buyer's title to the property. Typically, a lender's policy does not represent the full property value and the amount of policy protection decreases as the mortgage balance decreases over the life of the loan and terminates when you pay off the mortgage.
An owner's policy protects the landowner/homeowner against the specific types of claims listed in the policy, usually purchased to cover the full property value. While lenders generally require a lender's policy as part of the real estate transaction, an owner's policy is usually optional. An owner's policy protects against any title loss covered by the terms of the policy, which insures the value of the property and lasts as long as you or your heirs retain an ownership interest in the property.
In addition to title loss coverage under a lender or owner policy, a title insurer must also pay for any and all costs associated with defense against title challenges and, if unsuccessful, the title insurer must also pay for any reduction in land value as result. You pay for an owner's policy only once, at the close of escrow – there are no continuing monthly premiums.
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