When you get a mortgage to buy or refinance a home, you’ll work with a title company who can research public records related to your property. Based on the results of that research, the title company will issue a “clean title” so you can go forward with the real estate transaction confident that there are no outstanding liens or claims of ownership. Title insurance covering both the lender and the owner is recommended in most homebuying scenarios, in the event that there are claims or liens that were missed during this process.
Title insurance protects the lender as well as the person buying or refinancing the property (you!) from any potential legal issues or disputes that could jeopardize your status as the rightful owner of the property. To get title insurance, you pay a “title insurance premium” which is regulated on a state-by-state basis. This insurance does not require a witness or a notary—it is a service that can be paid for at closing.
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