Here’s a TITLE: Understanding TITLE Insurance
Here is everything you need to know about about title insurance in less than 2 minutes:
It provides protection: Title insurance protects the owner of a property from financial losses due to title-related issues that could arise after the purchase.
It's a one-time fee: The premium for title insurance is a one-time fee, typically paid at the time of closing, and provides coverage for as long as the property is owned.
It's not required by law: Unlike other types of insurance, such as homeowners insurance, title insurance is not required by law. However, lenders often require title insurance as a condition of a mortgage loan.
It has limitations: While title insurance protects against many title-related issues, it does have limitations and exclusions. It is important to carefully review the terms and conditions of the policy to understand what is and is not covered.
It's not transferable: Title insurance policies are not transferable from one owner to another. When a property is sold, the new owner must purchase a new title insurance policy to receive coverage.
Have questions or need help with title insurance? MVP National Title can help.