(what is it and what does it cost?)
Before a property is purchased with a mortgage, it must be covered by a title insurance policy.
What is title insurance?
Title insurance protects the policy owner against loss. It helps ensure that the property owner is assuming clear title for the real estate being purchased.
Why should I purchase title insurance?
Title insurance protects you from liabilities that may arise from prior liens or issues with the property from previous owners. This allows you to use the property as you like and sell it or secure loans with it. Without title insurance? You may be responsible for claims against your property due to errors in public records or title defects.
What does title insurance cost?
It depends. The cost varies based on the property value. The cost of the policy also depends on the type of policy you select (the ALTA standard policy or the Eagle enhanced policy).