Five Things You Should Know About Title Insurance

1. Title Insurance protects your ownership rights to your home both from fraudulent claims against your ownership and from mistakes made in earlier sales. From simple mistakes such as a misspelling of a person's name or an inaccurate description of the property, to mistakes which might affect the transfer of property.
2. Title Insurance is a one-time cost usually based on the price of the property.
3. The sellers usually pay for title Insurance.
4. There are both lender title policies, which protect the lender, and owner title policies, which protect you. In most typical loans, the lender will require a lender policy.
5. Discounts on premiums are sometimes available if the home has been bought within only a few years since not as much work is required to check the title. Ask the title company if this discount is available.