Title Insurance has been a very popular topic lately.
People are running into Title Insurance as an unknown closing cost, and no-one seems to have all the answers about why we need it or want it. Some lenders now require it on every mortgage, others ask for it on certain types of property.
My friend Jason Roy (Mortgage Broker) answered a few questions about Title Insurance for us. Jason said there are 2 types, one covers the lender and the other cover the owner. Jason also mentioned that if an owner buys both types at the same time, big savings can be made on the owner’s policy.
Positive points of buying an Owner’s Title Insurance policy include coverage for unknown encroachments (a deck built over a gas line by the previous owner).
Jason also mentions that in some cases a lender can offer a more competitive rate due to the lower risk associated with the insured property. In short Title Insurance can work out as a win-win in some cases.
VLOG post on this:
http://www.youtube.com/user/aaronhallrealestate#p/a/u/1/z8fQ8ftGaPk
