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| A Bit On Title Insurance |
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| If you finance the purchase of your home through a lender, the lender will require you to purchase title insurance. Title insurance, like many other forms of insurance, is something that you are unlikely to ever need. However it only takes one uninsured accident or, in this case, one overlooked claim against your uninsured title to create havoc with your future financial plans! |
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| A title search will be conducted before the closing and a report prepared which will detail any loans, liens, or legal claims of any kind against the property you wish to purchase. The possibility does exist, however, that there may, in future, be some claim that did not appear at the time the report was prepared. It is these possible future claims that you are insuring against. |
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| Your one time purchase of title insurance will cover the amount the lender has invested in your property by way of a mortgage and also you may choose to purchase additional title insurance which will cover your equity (up to a stated maximum amount). |
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