Title insurance is type of insurance protects homeowners and lenders against any defects in the title of the property.

Title insurance is type of insurance protects homeowners and lenders against any defects in the title of the property.

Yes, that's correct. Title insurance is a type of insurance policy that protects homeowners and lenders against any defects in the title of the property. When you buy a property, you are essentially buying the title to the property, which is the legal right to own and use the property. The title is a document that outlines the history of ownership and any liens, encumbrances, or other issues that may affect the property.

Title insurance policies provide protection against any issues that may arise with the title, such as unknown liens or ownership claims, forged documents, or other defects in the title. If such issues arise, the title insurance policy can cover the costs of legal fees, settlement costs, and any other expenses associated with resolving the issue.

There are two types of title insurance policies: owner's title insurance and lender's title insurance. Owner's title insurance is typically purchased by the buyer and provides protection for the homeowner, while lender's title insurance is typically purchased by the mortgage lender and provides protection for the lender.

Title insurance is typically a one-time cost paid at the time of purchase or refinance, and the policy remains in effect as long as the homeowner or lender maintains an interest in the property. The cost of title insurance can vary depending on the value of the property and the location, but it is generally a small percentage of the total cost of the property.

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