Title Insurance - What you need to know

Title insurance protects against financial losses from defects in the title to a property. These defects can include things like liens, easements, or even ownership disputes. If any of these issues come up after you buy the property, title insurance can help you cover the costs of resolving them.

There are two kinds of policy. An owner's policy protects you, the buyer. A lender's policy protects your mortgage lender.

Title insurance is not required by law, but most lenders require a lender's policy before they will fund a loan. The owner's policy is optional but highly recommended. It is a one-time premium paid at closing, not a monthly bill, and a relatively inexpensive way to protect yourself from financial losses that could arise from title problems.

When you purchase title insurance, the title company will search the public records to make sure that there are no outstanding issues with the title to your property. If they find any problems, they will notify you and help you resolve them before you close on the deal.

Once you have closed on the property, your owner's policy remains in effect as long as you own the property. It does not transfer to whoever buys the property from you. Each new buyer gets their own owner's policy at closing.

Title insurance is an important part of the home buying process. It can help protect you from financial losses that could arise from title problems. If you are buying a home, be sure to purchase title insurance.

Here are some of the benefits of purchasing title insurance:

• It can protect you from financial losses that could arise from title problems.
• It is a relatively inexpensive way to protect yourself.
• Most lenders require a lender's policy.
• It can give you peace of mind knowing that your property title is secure.
• If you are thinking about buying a home, be sure to purchase title insurance. It is an important investment that can protect you from financial losses down the road.

Some additional information about title insurance:

• Title insurance is not the same as homeowners insurance. Homeowners insurance protects your property from damage or loss, while title insurance protects your title to the property.
• Title insurance is not a guarantee that there will be no problems with the title to your property. However, it does provide you with financial protection in case there are any problems.
• In Utah, the standard real estate purchase contract has the seller pay for the buyer's owner's policy. The buyer usually pays for the lender's policy. The purchase contract can change who pays.
• The cost of title insurance depends mainly on the price of the property or the loan amount, and varies by title company. However, it is usually a relatively small amount compared to the purchase price of the property. For a quick number, try our fee estimate.

If you have any questions about title insurance, contact us today!