Title Insurance: Title insurance protects your lender’s interest in your home and real property in case its ownership is contested in court. Before you close on any property purchase, your lender will require a title search — an examination of all the property records by an attorney or title company, to ensure that the seller owns the property and has the right to sell it. But just in case something is not revealed in the title search, your lender will usually require you to obtain title insurance as added protection until you have paid off your mortgage. You may also choose to purchase additional insurance to protect your own title and claim to the property. Usually, you pay for title insurance as a one-time cost at closing. While some states regulate title insurance costs, others don’t.

 

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Title Insurance: Title insurance protects your lender’s interest in your home and real property in case its ownership is contested in court. Before you close on any property purchase, your lender will requir . . . View Full Definition

Title: A title is a legal document proving ownership of a piece of property. If you are buying real estate you authorize a title search, or examination of property records, to insure that the selle . . . View Full Definition

Certificate Of Title: A statement of opinion prepared by a title company, licensed abstracter or an attorney on the status of a title to a parcel of real property, based on an examination of specified public reco . . . View Full Definition

Title Insurance Fees: The costs involved in purchasing title insurance. May include title insurance policy and search fees.