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Title Insurance - What is it? Why is it important?

When I was in mortgage banking and even over the last 4.5 years at Padden Cooper, I am often asked, "Why do I need to pay for title insurance and what benefit is it?"  Following brief flyers explain the answer to these questions.  

• What is Title Insurance
• Why Title Insurance

There are 2 types of Title Insurance Policies 

1. Lender’s title insurance - Lender’s title insurance protects your lender against problems with the title to your property that occurred before the date of the policy. A lender’s title insurance policy protects your property but does not protect your personal interest in the property. If you want protection against any defects in your property title, you must buy an owner’s title insurance policy.
2. Owner’s title insurance - A basic owner’s title insurance policy protects you against problems with the title to your property that occurred before the date of the policy. This policy is separate from the lender’s title policy. You have to buy an owner’s title insurance policy if you want insurance against any defects in your property title that will affect your interest. Even though you may pay for lender’s title insurance, it does not specifically protect your interest.

If you are buying or refinancing a home please let us help you with the process. We can also attend closings with clients to review these forms as well as the lenders forms. 

For more questions please contact Dennis Dovie  - Dennis@paddencooper.com