What is the difference between Title Insurance and Owners title Insurance?
Hi Friends,
We are about to buy a home in Mason Ohio and the closing is expected to happen in a few days. I was asked by mortgage lender that if I would be intersted in ' Owners title Insurance policy'?
Already there is a fees ($ 763.00) that I am paying as Title Insurance fees. So do I really need this extra protection of 'Owners Title Insurance Policy' and if so how will it help me to have this extra protection, when already I am paying for one.
Any suggestions or feedback will be highly appreciated.
Thanks
Ram
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Answer by blondiefrank
The title insurance is the Lender's policy that protects the lender from any liens on that property. The Owners policy is for you, the owner to protect you from any liens that may show up on the property. For example, if in 10 years the county finds that someone else owned part of your land and owes money on it, you would be responsible to pay that if you didn't ave an owners policy. It's def worth it to get it.
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