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Generally, there are two forms of title insurance. Lender's title insurance,
required by most lending institutions, is normally written in the amount
of the mortgage and protects the lending institution from losses resulting
from title defects.
Because lender's insurance expires when the mortgage is repaid, you
may benefit from the second form of title insurance known as an owner's
title policy. It usually is written for the amount of the purchase price
of the home. This protection starts the day of the closing and lasts as
long as you or your heirs retain an interest in the property.
Unlike other insurance premiums, your title insurance premium is paid
only once, at the closing. By purchasing owner's and lender's protection
simultaneously, substantial savings in title insurance premiums can be
realized.
After all fees have been paid and documents signed and notarized at
the closing, you will receive a copy of each and, most importantly, title
to your house.
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