Customary Seller Expenses
Seller Closing Checklist
What is title insurance?
Title insurance provides coverage for losses due to defects in the title which occurred prior to your ownership. It is your only protection against things such as unpaid taxes and liens, judgements against the seller, fraud or forgery on deeds and wills, missing heirs, transfers of title by a minor or other issues that might go undetected until after closing, which could jeopardize your ownership and investment.
Why do I need Title Insurance?
Even though a careful examination of public records is made, there may be hidden defects in the title to your property. Some examples of these hidden defects might be fraud or forgeries on documents such as deeds and wills, missing heirs, defective deeds, clerical errors, claims arising because a married person conveyed property without his or her spouse, and transfers of title by a minor. An owner's title insurance policy will protect and defend your investment if any title claims covered by your policy are made against your property for no additional cost to you above the title insurance cost.
What does Title Insurance Cost?
The cost varies because it is based on the purchase price. It is a one-time fee regulated by the State and is paid at the closing. Although you pay only once, the protection lasts as long as you or your heirs retain an interest in the property. There are two types of title insurance policies.
1) The owner's policy protects the buyer up to the purchase price
2) The lenders policy protects the lender's interest in the property, if there is a new loan.
What shoudl I look for in a title company?
You should insist on a title company with a stable financial history and established background in your area. Your insurance has no benefit if your title company is not around when you need it.
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