Owner Title Policy
Owner's title insurance provides protection to the homeowner if someone sues and says they have a claim against the home from before the homeowner purchased it.
When you purchase your home, you receive a document most often called a deed, which shows the seller transferred their legal ownership, or “title” to their home, to you. Title insurance can protect you if someone later sues and says they have a claim against the home from before you purchased it.
Some common examples include:
- Disagreement about the property lines
- Disputes about whether or not the seller had a proper right to sell the property to you
- Discovery of undisclosed liens or lawsuits against the property
Most lenders require you to purchase a lender’s title insurance policy, which protects the amount they lend. You may want to buy an owner’s title insurance policy, which can help protect your financial investment in the home. It protects you from someone popping up out of the blue and challenging your ownership of a property because of an event involving a previous owner.
Contact us for more homeowner knowledge and strategies.
Realtor & Loan Officer
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Googain Inc. dba MaxReal
Website: https://www.kattyrealtor.com/
Source: https://www.consumerfinance.gov/ask-cfpb/what-is-owners-title-insurance-en-164/
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