How to Save Hundreds on Title Insurance!
Hello Hampton Roads, There's a saying that "applied knowledge is power" so keep reading to get a better understanding of title insurance in general and how you can save yourself hundreds on this cost. Buying a home entails many costs and title insurance is one of them. While the state of Virginia doesn't require title insurance, if you are getting a mortgage, your lender will require lender's title insurance while owner's title insurance is optional. What's title insurance? It's insurance that protects the lender and/or buyer from title defects and fraud. It assures that the seller does own the home and can convey it with clear title. Title insurance protects against such things as: Forged title Unknown heirs/ Conflicting wills Back taxes Mechanics liens Errors on deed Undisclosed easements Lender's title insurance lasts for as long as the loan is in place and owner's title is a one time fee that lasts as long as the owner and the owner'
