Real Estate Closing Information
Owner’s Title Insurance
What is the importance of buying an owner’s title insurance policy at the time of a real estate closing?
Peace of mind. This is an insurance policy available for purchase at the time of closing. The policy protects the new homeowner’s equity from title claims against the property. Some common claims are as follows:
- Misfiled deeds
- Deeds filed during the gap period
- Forged deeds in the chain of title
- Mechanic liens filed after the title exam
- Outstanding property taxes
Hiram Real Estate Attorneys
1. Why do I have to purchase a title policy if I already purchased one for my lender?
The lender’s title insurance policy only protects the lender against title claims and does not protect the homeowner and any equity in the property.
2. Why do I need to purchase a title policy if the law firm already checked the title and records with the clerk of the court?
The clerk of the superior court records are not up to date and/or current. The law firm is only responsible for any items filed of record on the date of the exam. In addition, the real estate attorneys and the law firm cannot be responsible for any misfiled or forged deeds.
3. How much does title insurance cost?
The homeowner’s policy is issued at a discounted rate if purchased simultaneous with the lender’s title insurance policy. The cost varies according to sales price so you will need to call the law firm of your Marietta real estate attorney to determine the cost for your purchase.
