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Things to Understand About Title
Insurance
1.
It protects your ownership right to your home both from
fraudulent claims against your ownership and from mistakes made in
earlier sales, such as mistake in the spelling of a person’s name or
an inaccurate description of the property
2.
It’s a one-time cost usually based on the price of the
property
3.
It’s usually paid for by the sellers
4. There are both lender title policies, which protect the
lender, and owner title policies, which protect you. The lender will
probably require a lender policy
5.
Discounts on premiums are sometimes available if the home has
been bought within only a few years since not as much work is
required to check the title. Ask the title company if this discount
is available.
Reprinted from REALTOR Magazine Online by
permission of the National Association of Realtors
Copyright 2005 All Rights Reserved
www.REALTOR.org/realtormag
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