Why Title Insurance might be the best money you ever spent
December 10th, 2007 - Categories: Basics of Dothan Real Estate, Buying a home in the Dothan area
By: Charles Woodall
http://www.dothanhomesearch.com
Tom Grant has a post on his blog about the importance of title insurance. If you are considering purchasing a home, even if you have already found one and are waiting to close, READ THIS POST!
Here in the Dothan real estate market, it is fairly rare for a home buyer to purchase an owner?s title insurance policy. Many rely on the policy that the lender gets to cover them if anything such as Tom mentioned goes wrong. It is very important to remember however that the lender?s policy typically only covers the amount of the loan. Any down payment, or equity, the buyer may have is not covered by the lender?s policy. So whether you are paying 5% down or buying a property with cash, an owner?s title policy probably makes a lot of sense.
Consult with the attorney that will be handling your closing about an owner?s title insurance policy. A couple of hundred dollars now can prevent a lot of headaches over the years.
Have questions about title insurance? Contact us or post a comment to this post below.
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Excellent post. Title insurance is important and it is important to shop around. By all means consult your attorney or whoever is representing you in the transaction but do some research yourself. Shopping for title insurance and choosing your own company can save you hundreds in closing costs.
Title insurance is an important issue regardless of where you live…this is one case where it is better to be safe than sorry.