Lender Title Insurance: Unfolding its significance and relevance! What is meant by Title Insurance? Why do we need it? What are its significance and relevance? These are some questions which strikes our mind whenever we come across the term Tittle Insurance. Similar to that of any other insurance this insurance also has its own significance and relevance. As the name suggests the title insurance ensures coverage against title defects occurred while at the time of closing along with preventing from many forms of title fraud. Often known as one time premium insurance, it is applicable to the owner till he retains ownership interest in the property. Benefits of Title Insurance is wide which is beneficial not only for one but for all. Some of the most benefited parties involved are to the Purchaser of Real Estate, To the Lender, To the Seller and To the Home Builder. One of the most beneficial insurance is the Lender Title Insurance in which the lender is highly secured against the loss of security.
To the Lender It falls under the Lender Title Insurance in which a high level of security is provided to the lender against the loss of security. It is similar to that meant for the depositors in savings and loan associations and for policy holders in life insurance companies. To the Purchaser of Real Estate It is solely meant for the purchaser of real estate making him secured against the major financial loos which can occur due to flaw in the title of the property purchased. It is a one -time premium held as per the value of the property. Such kind of Title Insurance policy also covers claims which are out of the title problems. It not only makes the insured owner secured but is also applicable for the person holding the title of the property. Prior to the purchase of buying a home loan policy is a must. In general terms the policy is known as Lenders Title Insurance it safeguards the lender against any sort of financial loss. After deciding to opt for this Insurance the question arises to have a deep understanding of Lender Title insurance cost and policy. The title insurance cost varies somewhere approximately from $250.00 to $500,000.00. Once the cost is decided the questions comes that how long will the coverage last? The answer is it lasts till the mortgage loan remains. The Title insurance meant for the owner or for the lender both comes with a set of hand full advantages. Some of the most prominent ones are dropping delay in the process of funding, Assured protection against scam, Enhanced mortgage sale in the secondary market, Making the process easier to understand, Reducing the per file cost and time, Ensuring a detailed knowledge to the client,
Diminishing the delay in funding and so on. The benefits of Lender Title insurance are plenty to count as it simplifies the process making it easy to opt.
What is meant by Title Insurance? Why do we need it? What are its significance and relevance? These are some questions which strikes our min...