Much like conducting an inspection on a home prior to closing, purchasing title insurance is yet another valuable step that has the potential of saving a buyer thousands of dollars down the road. The home’s title is a property’s ownership history that includes information such as previous owners, current liens, judgments, and/or owed taxes on a property. The title company can then issue a title insurance policy that protects both buyers and lenders from potential defects associated with a home. Title insurance can either be issued clean or dirty by a title company. If defects are found on a title, the title is deemed dirty and the buyer has the opportunity to walk away from a deal. Ideally, if the title comes back clean and both title insurance policies are issued, then all parties know that the home is absolute and that their investment is secure if something is discovered in the future.
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