Six Things to Know About Title Insurance
It protects your ownership right to your home, both from fraudulent claims against your ownership and from mistakes made in earlier sales, such as mistake in the spelling of a person’s name or an inaccurate description of the property.
There are both lender title policies, which protect the lender, and owner title policies, which protect you.
Title Insurance is required by most mortgage lenders.
It’s a one-time cost usually based on the price of the property.
Title Insurance is still needed for new construction purchases... While you're going to be the first owner of the home built, you are most likely not the first owner of the land your home will sit on. Title issues may still arise.
Refinancing? Your lender will still likely require Title Insurance, as lenders view refinancing as new loans, necessitating a title search.