Why you need title insurance? Although the property has been assessed and buyers and sellers have been through a lot of hoops to sell the property, there may be a problem with the title.
Title insurance protects you in case something unexpected occurs. For example, there could be a tax lien on the property, government agencies will always get their due; title insurance to pay claims or legal fees for the lender to remove the lien from the property.
If you want to protect your equity, you need to buy an extra amount to cover it or in some regions, the seller pays this insurance. You can browse https://www.bntc.com/ if you want to get title insurance.
If you have decided to sell your home and there has been a problem with the previous owners, this problem needs to be solved first. Title insurance companies are not interested in a speedy resolution.
They try to limit their losses, so they can drag out the negotiations to avoid settlement. Until the settlement made, your title is not clear.
Title Insurance Offer Various Features Depending on Localities
Sometimes the premium includes indemnification plus search and closing costs. In some countries, a variety of different professionals provide services to other closings.
Though the borrower can shop around to find a better price than the company recommended by real estate agents, the savings may not be worth the time.