Title Insurance Definition
Answer:Title insurance will protect the lender and homebuyers from claims or the consequences of claims, previously unknown, over the ownership of a property. Not all lenders will require title insurance.
Title insurance costs are regulated differently by different states. Some states will have the same title insurance costs all over the state; others will have them vary among companies.
The homeowner has to select their title insurance company following the lending institution's advice or their own knowledge and common sense. It is forbidden by the law that a lender demands signing with specific title insurance companies.
Title insurance will protect the lender or the owner only from losses arising from prior events before signing the policy. This is in contrast to life term insurance or PMI which protect the lender and the owner from losses that have occurred during the term of the policy.
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Common misspellings: mortage and morgage