Are you curious about why your lender is requiring title insurance? Title insurance is a form of indemnity insurance. It protects the holder from financial loss sustained from defects of the title to the property.
Lenders require it to protect them when unforeseen situations arise such as someone presumed dead showing up to claim the property.
Are you still wondering what other reasons lenders require this protection? Watch this video to get a better grasp on title insurance and it’s necessity.
If you have any questions, feel free to contact me today! If you are just getting started in the buying process, check out this article and give me a call.