When you buy a home and get to the closing table, an attorney is going to look at you and ask, “Would you like owner’s title insurance?”
Nine times out of 10, buyers in this circumstance will look at their Realtor thinking, “What should I do?” Obviously, the choice is ultimately in your hands. But there are a few points to consider before making a decision.
First, it is important to know what title insurance is. Title insurance essentially insures the property’s title against defects. In other words, if someone has a claim against the title of your property, title insurance will protect your interest and equity in the property.
Banks believe title insurance is important to protecting their interests, so why shouldn’t you also seek this same protection?
Nevertheless, most people do not go forward with purchasing title insurance. But, personally, I do. It is a lot cheaper to buy title insurance on the front end than to pay attorneys several hundreds of dollars (or more) down the line to clean up a title dispute.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.