Does a borrower have the right to purchase title insurance on their own?
Yes although few exercise it. Most people leave it up to one of the professionals associated with their transaction. Summary: An examination of the typical residential real estate transaction reveals that there are three layers of protection of the title. When the contract stipulates that the seller is to deliver a General Warranty Deed, as most do, the seller promises to defend the title against all claims. He or she also agrees to compensate the buyer in the event of a loss sustained if the buyer’s interest in the property is impaired by a defect in the title for any reason. The owner’s title insurance policy is the second layer. It protects the owner against title defects. And last, the lender has insurance against title claims to protect the remaining loan balance. The preceding are the most commonly asked questions and facts regarding Title Insurance. If you have a question that was not addressed here please feel free to contact one of our title professionals. We will be glad to a
