The Title Search
Title searches verify that the seller is the rightful owner of the property. Any issues with the current title, like liens and back taxes, will be found during the title search.
Title Insurance Explained
You buy a home in Blissfield. After the closing, it is discovered that someone else has a lawful claim to your new home. This is where the title insurance company in Blissfield, MI, goes to work. Title insurance provides you with financial protection against any issues concerning legitimate ownership of your property.
Lender’s Title Insurance
Lender’s title insurance reimburses the lending institution that holds your mortgage if there is an issue with your property’s title. Most lenders make the purchase of lender’s title insurance a prerequisite for receiving a mortgage.
Owner’s Title Insurance
Owner’s title insurance protects you, the property owner, against issues surrounding the clear title of their property. While not a condition of receiving a mortgage, having an owner’s title insurance policy is a smart idea. At closing, you may negotiate to have the seller pay for an OTI policy.
Usually, a one-time purchase, a number of variables determines the price of the title insurance, for instance, the provider, the value, and location of the property.
If you need a title insurance company in Blissfield, MI. and a title search contact Prestige Title Insurance Agency.