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Title insurance is purchased with a one time fee at closing. It covers you and the lender in the event there are any claims against the title of your home during the lifetime of your ownership.
If you are financing your home purchase, you will be required to pay the lender’s portion of the premium. Optionally, you can also cover your interest in the property as well. What we need by interest is the amount of equity you have in the property.
If you are paying cash the entire value of your home is covered for your benefit.
The current attention being placed on potential fraudulent paperwork being filed by banks is an issue of great concern. Your best protection when buying either a short-sale or foreclosure property is to have a title insurance policy. It should protect you in the event a bank did something wrong during the foreclosure process and a prior interested party asserts a claim against your home. We also recommend that if a bank insists you make use of their title company for closing, you spend a few dollars and have a real estate attorney look over the paper work prior to signing.
If you are unsure about your decision to purchase title insurance we recommend you have a discussion with your title company or real estate attorney prior to closing.