Should I buy a title insurance policy?
Answer:Yes. At least lender's title insurance policy will be obligatory to purchase. As for the owner, a title insurance policy will protect you from possible issues with the ownership of your property.
Every property to purchase has already belonged to somebody. Most often, it has changed ownership many times and somewhere on its way to the most recent buyer there could be a defect - title fraud, or unpaid mortgage or tax liens are among the most common cases when a homebuyer may need title protection.
Title insurance policy is obligatory when taking out a mortgage loan.
Not only is lender's title insurance coverage is required, but it usually protects the whole loan amount. Similarly to mortgage insurance premiums, it protects the lender but the borrower pays for it upfront.
Owner's title insurance coverage - should I get it?
Yes, you should. Often, the seller will pay for it, or it will be packaged with the lender title policy. Even if it is not, it is advisable you buy title insurance to protect your ownership. If the cost of owner's title policy in your case will be a burden to you, you may consult with a real estate attorney and see how they'll advise in your case.
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