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What is the title referred to in title
insurance?
Simply put, “title” is the legal right of ownership in
property.
What is title insurance?
Title insurance is an insurance policy guaranteeing that
the title to the property is clear, and that the owner
has the right to sell the property. Once a title
insurance policy is issued, your interest in the
property purchased is protected, subject to the
exclusions and conditions contained in the policy.
Do I really need title insurance?
Yes! Title insurance protects you from financial loss in
the event that problems regarding the rights to
ownership of your property develop. Title insurance pays
the cost of defending against any covered claim.
How much does title insurance cost?
In Michigan, rates are approved by the Office of
Financial Insurance Regulation and are based on the
sales price or mortgage amount. A one-time premium is
directly related to the value of your home.
Click on the links below for more information
regarding the home buying process
•
Home Closing 101
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HUD’s Shopping for Your Home Loan
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Watch Designing Spaces explain the Title Insurance
process
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