5 Things to Know About Title Insurance
Title insurance protects the holder from any losses sustained from defects in the title. It’s required by most mortgage lenders. Here are five other things you should know about title insurance.
1. 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.
2. It’s a one-time cost usually based on the price of the property.
3. It’s usually paid for by the sellers, although this can vary depending on your state and local customs.
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.
(Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.Copyright 2008. All rights reserved.)
If you have any questions regarding selling or buying a home feel free to contact Evan Corkett (949) 640-3685 or Steve High (949) 640-3603. They specialize in luxury property sales in Newport Beach, Newport Coast, Corona del Mar and Laguna Beach.
Luxury Homes in Newport Beach, CA
$2,496,000 : 1984 Port Seabourne Way, Newport Beach5 beds, 3 full baths
$1,825,000 : 543 San Bernardino Avenue, Newport Beach3 beds, 2 full, 1 half baths
$2,050,000 : 18 Edgewood Drive, Newport Beach3 beds, 2 full, 1 half baths
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$3,595,000 : 1600 Galaxy Drive, Newport Beach4 beds, 3 full, 1 half baths
$2,100,000 : 1820 Toyon Lane, Newport Beach4 beds, 3 full baths
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$1,550,000 : 350 Vista Madera, Newport Beach4 beds, 3 full baths
See all Homes For Sale in city of Newport Beach.
(all data current as of 3/29/2017)
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