| 1. |
It protects your ownership right to your home both from fraudulent claims against your
ownership and from mistakes made in earlier sales, such a mistake in the spelling of a
person’s name or an inaccurate description of the property.
|
| 2. |
It’s a one-time cost usually based on the price of the property.
|
| 3. |
It’s usually paid for by the sellers.
|
| 4. |
There are both lender title policies, which protect the lender, and owner title policies,
which protect you. The lender will probably require a lender policy.
|
| 5. |
Discounts on premiums are sometimes available if the home has been bought within
only a few years since not as much work is required to check the title. Ask the title
company if this discount is available.
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