Hi Darrell - thank you for your question! Lender’s title insurance does not protect your investment in the home (your equity). If someone sues with a claim against your property ownership, you are the first person responsible. The lender’s require a title insurance policy that protects them against claims that affect the lender’s loan. So if you are unable to pay when an issue happens - then they are still protected with their investment of lending you money. They're essentially covering themselves, and not you - so if they're protecting themselves, it's a no brainer that the owner should want to protect themselves as well. Also, the owner's policy lasts for as long as you own the property -so that could be 40+ years, whereas the Lender's policy only lasts as long as the loan still has a balance. We hope this helps clear it up!

@@ArrowTitleServices Your explanation seems to stress the importance of an owner's policy. I understand the importance of that. I am trying to understand why a lender's policy isn't strictly double coverage. Why can't the lender just require the owner to have a policy without buying a new policy to cover the lender's interest? That's the case with homeowner's insurance. And can you not provide one example of a situation where the lender's policy will cover a lein, claim or another other financial issue where the owner's policy would not?

@@mtnBikr In our explanation - we mentioned the Lender's policy and the differences between them to why they need to be separate. You have to understand the purpose of one, to understand the other. Both policies are on separate amounts of money (one adjusts, and one doesn't), and they last for different amounts of time. The Lender's policy will not cover other liens and such when it comes to the property. When you receive a mortgage on a property - that is a new lien against the property. If buying or refinancing a property, whether strictly land or with a home, a lender will require their lien position is insured & A lender providing a first mortgage loan must verify their lien is in first position. Additionally, the most important reason comes to foreclosure. In the case of foreclosure, whoever is in first position, gets paid first. Lender’s title insurance does what it says - it insures the lender against anything missed during the title search or legal claims against the owner’s property. The title search states the ownership and lien status of the property, then title insurance protects the lender in case something was missed. In the event someone challenges your title, we will defend your title and pay all related costs and loss in property value that might ensue, up to the limit of your policy. . A lender’s policy insures ONLY the lender’s specific interest (their money) in the title to your home. Think of it like this: If someone tries to stake claim to your land after you've purchased it - If you have no mortgage - it falls on you. If you have a mortgage, it still falls onto you - BUT if there's anything that threatens the lender from having the first position mortgage wise - then the policy pretty much ensures they are still going to get their money because it's a policy that covers the loan amount specifically. Also don't forget Owner's policy isn't mandatory - but Lender's policy is. So if the Owner declines Title Insurance - the Lender is still protected.

Title insurance is a scam and should be 90% cheaper. Payouts are 5% of premiums, please research what Iowa has done.

We’re glad we could help! 😊

Thank you for the feedback! We're so glad you found it helpful! :)

Thank you for the feeback Nadia! We're so glad it helped you :)

Thank you so much Arturo! We're glad you enjoyed it!

Absolutely! Very happy we could help 😊

The owner should receive a copy via mail after the closing. You can request that the title company sends you a copy via email

Hi Jason, Angel is correct! You will receive a copy in the mail after closing. It can always be requested as well 😊

Hi, thank you so much for commenting. That's actually not the case, we run into title issues all the time when we are preparing documents for closing. Our job is to make sure everything transfers properly and smoothly and we work behind the scenes to do just that. There are a lot of times when people prepare their own deeds incorrectly, or there are missing links in the chain of title. We find these errors and fix them before issuing a new policy. The loan company doesn't make money from the sale of a lender's policy. It is solely required because they want to make sure there are no title defects on the property they are funding. This is in their interest in case anything comes up in the future (and problems do come up sometimes - which is when you would put in a claim to title insurance just like you would if something damaged your home & you claim it on your homeowner's insurance). The Owner's policy truly does protect the buyer in their true ownership of the home and if anyone ever tries to fight that, that's when title insurance kicks in. We hope this clears this up for you! Let us know if you have any other questions!

Hi Renee! Unfortunately, purchasing title insurance right now would not make the judgements satisfied. Title Insurance is most effective when there’s a transfer of ownership because a part of our job is to make sure the title is completely free and clear of those liens/judgements before transferring to the new owner. Then from there, it ensures that nothing from the past can come back to haunt you. But, with your circumstance - it really would just depend because if the property was just transferred to you via inheritance, it’s likely you will assume the debt they incurred. Without reviewing the title search, it’s very hard to determine what would attach to the property in the way of liens and judgments - so it’s hard to give a general answer. Since you already have a search, perhaps the person who did the search can guide you on what needs to be cleared to clear the title. We hope this helps!

@@ArrowTitleServices It helped tremendously! Thank you!!

@@reneej8623 You're very welcome! Glad we could help!

Back with another question, after satisfying the judgements. Can l buy title insurance to prevent any further judgments?2nd question maybe a stretch....but here goes... Can you'll refer me to a HELPFUL title company in Richmond Virginia?

@Arrow Title Services

Hi there! It can be purchased after the fact, BUT if anything comes up in the title search they would then be held responsible for paying or “fixing” whatever needed to be cleared. The major benefit of getting title insurance during the purchasing process is that as the new buyer, it is the seller’s responsibility to cover the cost and ensure that you have free and clear title in the transfer of ownership. Which is why it’s so beneficial for buyers to not opt out of the owner’s title insurance which specifically protects them 😊 We hope this helps!

Hi Kai! Yes, a new lender’s policy is required every time you get a refinance because the amount of the loan is changing & the lender requires it on the amount of the loan. We hope this helps!

Clarification: Do i also need to pay the Owners title policy whenever I refinance later on? Tnx a lot!

@@kaizablan4710 No, unless there is a change in ownership or the land

Thanks for adding that Jeni. Good to know you're located in Miami - we actually handle closings all over the state of Florida 😀

You still need a lender's policy if you're getting a new construction loan. Title Insurance insures the land itself and your ownership to it - so when you build a house on it, all it does is bring up the value of that land. Hope that helps!

Ok. But do I still need an owners title insurance on a brandnew construction home?

@@usaimon Yes, because it's not on the home- it's on the land. The house may be new, but the land is not. The value of that land has just gone up with the new home.

I am buying a new townhouse, should I get title insurance even if I share the land with other townhouse owners? How does that work?

@@tiffanyjordan7872 Absolutely! When it comes to condos, apartments, and townhouses - title insurance is still very important because we research the chain of title (ownership) and make sure that there were no mistakes made in the past and insure the property in regards to the property being "free and clear". We're also the ones who handle the closing and put all the documents you need together for closing day. So even though there isn't technically land associated with your townhouse that you own - you still have "interest" in the land - or essentially part ownership. I hope that makes sense!

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