Unified Jones Auction & Realty LLC
Unified Jones Auction & Realty LLC
(920) 261-6820
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Is Title Insurance Really Necessary?
Title insurance is often required to protect the lender against loss if a flaw in title is not found by the title search made when the house is purchased. You may also get an owner’s policy to protect yourself. Also, attorneys provide title insurance as part of their services in examining title and providing a title opinion.

It is important to remember that a title insurance policy issued only to the lender does not protect you. Similarly, the policy issued to a prior owner such as the person from whom you are purchasing the property does not protect you.

To protect yourself from loss because of a mistake made by the title searcher or because of a legal defect which does not appear on the public records, you will need an owner’s policy.

Such a mistake rarely occurs, but, when it does it can be financially devastating to the uninsured. When you buy an owner’s policy it is usually much less expensive if purchased simultaneously with a lender’s policy.

In addition, if you are buying a home which has changed hands within the last several years, inquire at the title company that issued the previous title insurance about a “reissue rate” which could be a lower charge than the cost of a new policy.
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