Title insurance is an essential part of the home buying process, as it ensures that the buyer has clear ownership of the property. The Owner’s Policy provided by the title insurance company covers any issues that may arise regarding the property’s title in the future. A reputable title insurance company can provide peace of mind and protect both the buyer and the lender from any potential legal issues related to the property’s title.

Title insurance is crucial in ensuring that you have clear title to the property. An Owner’s Policy, provided by the insurance company, can offer you protection if any issues arise later on. Since the seller usually pays for the policy, they have a say in which company to choose.

Apart from the owner’s policy, you will also have to pay a fee for the Lender’s Policy. This policy protects your mortgage lender, ensuring that there are no liens or judgments against the property and that the mortgage has the first position. This means that if you sell or refinance the property, your mortgage will be paid first before any other claims, except for government taxes.

The Lender’s Policy is relatively cheaper than the Owner’s Policy.

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