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What is title insurance, and is it required?

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Title insurance is an insurance policy that protects residential or commercial property owners and their lenders against losses related to the property’s title or ownership.

Title insurance protects you from claims of ownership by other parties. It protects you against losses from problems that arose before you bought the property. The title company will defend you in court if there is a claim against your property, and will pay for covered losses. Is it required? Texas does not require title insurance. The lender.

During the course of a purchase you see and hear the term title insurance but if. Title insurance may be required by custom, even where the title is registered in.

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Title insurance is not required by law, however almost all lenders will require a lender’s title insurance policy as a condition of making their loan. A lender wants to protect their interest in the property and a title insurance policy is one way in which they can do this.

 · When you and/or your mortgage banker buys title insurance, the title insurance protects those rights and your right to use the property as your own. Often times a mortgage banker or buyer attorney or buyer him or herself will want to do a physical survey of the property to make sure that a) the property is what it is supposed to be phsyically and b) to make sure there are no encumbrances on.

Title insurance premiums are based on the dollar amount of coverage provided. Every title insurance company is required to file its schedule of rates and forms with the Insurance Commissioner. Premiums are paid only once, at the close of escrow. There are no continuing premiums like other types of insurance. Back to Top. What Is Escrow?

DEAR BENNY: We are getting ready to close on a home and there is a settlement fee of $685 for lender’s title insurance and $683 for owner’s title insurance.

Title insurance is an optional insurance policy for homeowners. Most real estate experts recommend that you purchase it always, however. You may never need to make a title insurance claim.

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