You might have wondered what title insurance is….Well here’s the definition: ✔️ Title insurance is a form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property. ✔️ Your title insurance is paid at closing and is one of the standard closing costs. A potential home buyer will find this vocab helpful for understanding words and terms used in real estate transactions.
#titleinsurance; Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of a property. #realestate #dictionary #vocabulary #homebuyer #homeseller #realestatedictionary #katytx #houstontx
#closingcosts; Expenses (over and above the price of the property) incurred by buyers & sellers in transferring ownership of a property. Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey. Closing costs percentage will vary according to the area of the country; lenders or Realtors® often provide estimates to prospective #homebuyers #realestate #dictionary #vocabulary #katytx…
If you're in the market to buy a home you'll want to be aware of the various types of insurance involved, either optional or required. One form of insurance that is both required and optional is title insurance. It can provide you with an important type of coverage for a one-time cost. Take a look at the important reasons you should purchase title insurance when buying a home! #realestate #buyinghome #homebuyingtips