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LET'S
TALK TITLE INSURANCE |
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| Dear
Valued Client, One of the most frequently asked questions in closing is "Do I really need title insurance?". Due to the fact that most lender's require lender's title insurance, the more important question is "Do I really need owner's title insurance?" As a settlement company and title agency, we at Lighthouse title deal with correcting title on a daily basis. The busy market over the last few years has resulted in an increase in title problems. According to the recently released 2005 Abstracter & Title Agent Operations Survey, 36% of all title searches performed in 2005 by the members surveyed had problems with title and required currative action. This is up from 25% in 2004. These issues can wreak havoc for your sellers at closing and can lead to significant financial loss, or even loss of the property, to your buyers. Owner's title insurance offers financial protection to buyers in the event of a future claim and facilitates the closing for sellers when title defects are found during the course of the sale of their property. Unlike other types of insurance, owner's title insurance need only be purchased once, with a one time premium (lender's title insurance is loan, not property, specific and will generally have to be purchased for each new loan, even when refinancing). Attached is some useful information about title insurance that we feel can assist you in educating your buyers about title insurance. In addition, please feel free to call any of the Lighthouse Title offices for answers to any questions that you or your buyers have. |
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