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Please explain the value of title insurance.
Title insurance guarantees that the seller has legal and "marketable" title to the property which he is selling. A title search is performed by the title company or attorney handling the closing. This search will reveal, among other things, any liens or claims against the property and ascertain that the seller had good and clear title to the property. Title insurance will be issued for both the buyer and for the lender, if there is one. The lender's policy will protect the lender for any defects in the title up to the amount of their loan. The buyer's or owner's policy will protect the new buyer against any flaws in the title. The policy will be good as long as you own the property. It covers events or circumstances that happened in the past, before you took title to the property.
Copyright © 2009 Sandy Gadow. This article may not be resold, reprinted, resyndicated or redistributed without the written permission from Escrow Publishing Company.
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