Owner’s Title Insurance
If you are going through the real estate process, you may have already heard about owner’s title insurance. If you are a homeowner, this type of insurance is important because it can protect you from losses during the buying or selling of a property.
What is owner’s title insurance?
Owner’s title insurance protects the homeowner if someone decides to sue and say that they have a claim against the home from before the homeowner purchased the property. Often, claims come from a previous owner’s failure to pay proper taxes, or from a contractor who might claim that he or she was not paid for work done on the home before you purchased it.
Why do I need owner’s title insurance?
Most lenders will require you to purchase lender’s title insurance, but this only protects the lender, not the homeowner. So if you are a homeowner, you will need to cover yourself by obtaining owner’s title insurance. This will help ensure that you are protected if you find out after the transaction that someone has a claim against the home.
How We Can Help
One Closing Source specializes in real estate law and can help guide you throughout the closing process. If you have any questions about owner’s title insurance claims, or about your real estate transaction in general, give us a call.