Most first-time homebuyers are familiar with various types of insurance (e.g., auto, life), but have no clue what title insurance is and the role that title insurance plays in real estate transactions. Because of this people are usually taken advantage of by other entities when itcomes to purchasing title insurance. Since people are always so eager to close and complete transactions as quickly as possible, title insurance is typically an area that consumers commonly overlook in the home buying process, which usually leads to them paying extensive amounts of junk fees instead of shopping for the best and cheapest title insurance bargain.

If you borrow money to finance the purchase of a home or property, a lending institution will likely require you to buy a title insurance policy to protect its interest. As a consumer, it is in your best interest to be well informed about title insurance, about how title insurance works and about the key areas that should be addressed when purchasing title insurance.There are two different types of title insurance, one area is called a lenders policy, which protects the lending institution, and another area is called an owners policy, which protects the individual purchasing or refinancing the property.

 

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