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Why Do I Need Title
Insurance?
As a seller, title insurance is not going to be an expense you will likely incur. The one exception to that would be if you have lost the abstract of title to your property. In that case, in order to provide clean title to the property to your buyer, you can either have a new abstract made (which takes a great deal of time and is quite expensive), or purchase an owners title policy on the buyers behalf, in lieu of an abstract.
As a buyer financing your home purchase, lender policy title insurance will be required prior to the loan closing. Lender coverage protects their interests in the event that title defects are uncovered at a later date. Issues such as interested parties from the past claiming ownership of your property in the future, or contractor liens uncovered after the closing and more, will be resolved by attorneys representing the lender and paid for by the title company.
Optional owners policy title insurance is also available for buyer's to purchase. It is designed to pay for correcting previously mentioned and other title defects on behalf of the buyer, including but not limited to attorneys fees etc. that may be incurred. Realtors, lenders, and real estate attorneys, would be good sources for you to contact, if you would like additional information regarding title questions.
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