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OWNER’S POLICY

An owner’s policy protects a homebuyer from covered title issue should a problem arise. It is purchased for a one-time fee at closing and lasts for as long as the homebuyer has an interest in the property. The coverage amount is usually equal to the purchase price.

LENDER’S POLICY

A lender’s policy protects the lender generally in the amount of the mortgage. Most lenders require a lender’s policy to protect their interest in the property. A lender’s policy does not protect the homeowner. The policy amount decreases as the loan is paid down and eventually disappears as the loan is paid off.

REFINANCING

When you refinance your home, the original loan is paid off and a new refinance loan is originated. When refinancing, lender’s typically require a separate lender’s policy to protect their interest in the property. The new lender’s policy will protect the lender from anything that may have occurred from when you purchased the house to when you are refinancing. A homeowner, however, will not need a new owner’s policy if one is already in place.

What is Title Insurance?

Title Insurance is a form of indemnity insurance that protects homebuyers and lenders from financial loss or legal expenses from covered defects in title to a property.

Title insurance protects both homebuyers and lenders against loss or damage occurring from liens, encumbrances, or defects in the title or actual ownership of a property.

How Title Insurance Works.

A clear title is necessary for any real estate transaction. Title companies must do a search on every title in order to check for claims or liens of any kind against them before they can be issued.

A title search is an examination of public records to determine and confirm a property’s legal ownership and to find out whether there are any claims on the property.