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“Me and My Title”
When you sell your home, your Buyer and your Buyer's lender want to be sure there
are no liens, claims, or encumbrances against your home, other than the usual mortgage and possibly overdue property taxes, payments to public utilities, etc. (Such obligations will be funded at escrow and deducted from your net proceeds.)
The title agent will conduct a review and provide title insurance, which remains in effect for
as long as your Buyers own their new home.
As a condition of your Buyer's financing, the lender usually requires that the Buyer purchase a loan policy, which insures the security interest of the lender against loss due to defects in the title.
Beyond protection of the lender, the owner's policy extends protection to the new homeowner - in most cases the Purchase and Sale Agreement provides that the cost of this policy be paid by the Seller.
The owner's policy provides protection against a variety of title-related problems for as long as your Buyer owns the home.
Once title of your home is transferred to your Buyer, title insurance will allow you to rest assured that the home belongs to your Buyer in deed.
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