|
Title
insurance
is
important
because,
by
providing
you
with
an
Owners
Policy,
they
insure
that
you
have
clear
title
to
the
property.
If
there
are
any
problems
later,
you
can
always
go
back
to
the
title
insurance
company
and
have
them
clear
it
up.
Since
it
is
customary
for
the
seller
to
pay
for
the
owner’s
policy,
they
have
an
interest
in
which
company
is
used.
However,
you
are
going
to
pay
a
fee
to
the
title
insurance
company,
too.
This
is
for
the
Lender’s
Policy.
The
lender’s
policy
insures
your
mortgage
lender
that
there
are
no
liens
or
judgments
against
the
property
and
that
the
mortgage
will
be
in
first
position.
In
other
words,
should
you
sell
the
property
or
refinance
it,
their
mortgage
gets
paid
first,
before
any
other
claims
against
the
property.
The
lender’s
policy
is
less
expensive
than
the
owner’s
policy. |
