A policy, usually issued by a Title Insurance company, which guarantees that an owner has a clear property title and insures against errors in the title search. The cost of the land title policy is usually a function of the value of the property, and is often borne by the purchaser and/or seller.
Title insurance is a necessary expense in the process of buying a home. It is protection for the lender as well as the buyer against any disputes with the title for the property.
The choice is yours. All title insurance underwriters are not the same, so even though your lender, realtor or seller might insist on a certain title companies, the decision is yours.
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