Page 2 - Hawaii Top Flyers
P. 2

Common Misconceptions


                     About Title Insurance







    Buying a new home is one of life’s most gratifying         “title” to the property. Title is your legal right to own
    experiences. Making sure your right to own the             it. Early in the home buying process, a title search
    property is protected can be just as rewarding.            is conducted to review the history of the property
    During the process of purchasing your dream home,          and uncover any issues that could limit your right to
    you’ll hear two words you’ve probably never given          ownership. Even after the most meticulous search of
    much thought – title insurance.                            public records, there can be hidden title defects, such
                                                               as tax liens, forged signatures, claims by ex-spouses
    As with the rest of the home buying process,               and recording errors. These title defects can remain
    title insurance can be difficult to comprehend. To         undiscovered for months or even years after you
    complicate matters, the topic is often surrounded          purchase the home.
    by misconceptions that keep home buyers from
    recognizing its importance. To help you get a better                         There is only one type
    understanding of what title insurance is and how                               of title insurance.
    it protects your property rights, let’s analyze eight
    common misconceptions:                                               There are two types of title insurance
                                                               policies: an owner’s policy and a loan policy. An
                     Title Insurance offers only               owner’s policy protects you, the property owner,
                     minimal protection.                       against loss or damage in the event there is a
                                                               covered title defect in your right of ownership to
              When you purchase a home, you receive            the property. If you’re obtaining a mortgage loan to
                                                               purchase your home, a mortgage lender will likely
                                                               require that you purchase a loan policy, also known
                        oldrepublictitle.com                   as a lender’s policy. This type of policy protects the
                                                               lender’s interest in the property until the mortgage
                                                               loan is paid in full. The loan policy provides no
                                                               coverage to the homeowner.





                                                                                              (continue on next  page)



     04/2021 | ©2021 Old Republic Title | OR1509-DI | Old Republic Title is providing this information as a free client service and makes no warranties or representations as to its
     accuracy. Old Republic Title strongly recommends consumers confer with their title insurer as underwriting requirements vary among companies and further, obtain guidance
     and advice from qualified professionals, including attorneys specializing in Real Property, Trusts and/or Title Insurance to get more detailed, and current, information as to any
   1   2   3   4   5   6   7