Title Insurance Protection for homeowners and lenders 1 i Ì iÀ ÌÞ«ià v insurance, title insurance protects the insured from loss that may occur from matters or defects from the past. According to Jamie D’Spain of Guaranty Title Company of Boerne, because most property owners borrow money (mortgage) at the time of purchase or during ownership, the lender requests protection of its investment against loss. “They insist upon a ÀÌ}>}ii½Ã / Ì i ÃÕÀance Policy to protect their stockholder’s and investors’ investment in your property,”
^ŝŶĐĞ ŽƵƌ ĨŽƵŶĚŝŶŐ ŝŶ ϭϵϳϰ͕ ŽƵƌ ƉŚŝůŽƐŽƉŚLJ ŽĨ ΗĂŶLJƚŚŝŶŐ ǁŽƌƚŚ ĚŽŝŶŐ͕ ŝƐ ǁŽƌƚŚ ĚŽŝŶŐ ƌŝŐŚƚΗ ŝƐ ƚŚĞ ƌĞĂƐŽŶ ĨŽƌ ŽƵƌ ĐŽŶƟŶƵĞĚ ŐƌŽǁƚŚ ĂŶĚ ƐƵĐĐĞƐƐ͘ tĞΖǀĞ ĞĂƌŶĞĚ ƚŚĞ ƚƌƵƐƚ ĂŶĚ ƌĞƐƉĞĐƚ ŽĨ ƚŚĞ ĐŽŵŵƵŶŝƚLJ ďLJ
ƉƌŽǀŝĚŝŶŐ ĐŽŶƐĐŝĞŶƟŽƵƐ͕ ƉƌŽĨĞƐƐŝŽŶĂů ĂŶĚ ĐŽƵƌƚĞŽƵƐ ƐĞƌǀŝĐĞ ĨŽƌ ĚĞĐĂĚĞƐ͘ ϵϭϬ EŽƌƚŚ DĂŝŶ ^ƚƌĞĞƚ ϴϯϬͲϴϭϲͲϮϱϳϳ ŐƵĂƌĂŶƚLJƟƚůĞďŽĞƌŶĞ͘ĐŽŵ
D’Spain said. “An Owner’s Title Insurance Policy protects your investment (equity) as the buyer or owner of the property. As the owner, you should want to have the same assurance as the lender that the investment you have made cannot be lost because of a problem or defect with the title.” LENDER’S AND OWNER’S INSURANCE Lender’s title insurance protects your lender against problems with the title to your property, such as someone with a legal claim against the home. Lender’s title insurance does not protect your investment in the home. When you purchase a home, you receive a deed showing the seller has transferred ownership to you. Owner’s title insurance protects you if someone sues, saying they have a claim against the home from before you purchased it. Common claims come from a previous owner’s failure to pay taxes or from contractors who say they were continued on page 17
16 Spring 2021 Relocation & Newcomers’ Guide
