At K&M Title, we provide title and closing services for parties involved with real estate transactions. Examples are selling, buying or refinancing real estate.
Title insurance is a policy that protects both the lender and the buyer against any potential loss that derives from problems related to the property's title. These types of problems can include liens, encumbrances, or defects in the title or actual ownership of a property. Unlike traditional insurance that protects against future events, title insurance protects against claims for past occurrences.
While lender's title insurance is required anytime you take out a mortgage, owner's title insurance is not. Although an optional policy, it can protect you if a claim were to arise after purchase. If you are uninsured and a claim arises, the homeowner is expected to cover any related costs. Although no fault of your own, you risk a large financial expense that can result in the loss of the property. Buying a home is typically the single most expensive purchase a person will make, protecting that investment with title insurance helps provide long-term peace of mind.
No, title insurance fees are paid once, typically during the closing.
A title search is research on a specific property using public records and legal documents. This process is done to identify the vested owner and to find out what claims or liens are on the property.
In order for a real estate transaction to occur, the title must be found to be clear of any claims.
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