What is title insurance?
Why do I need it?
Title insurance does exactly what it sounds like: it insures the buyer’s ownership of a piece of real estate. Required by real estate lenders, it protects the buyer regardless of the prior ownership of the property.
Title insurance is necessary because a piece of land may have had many owners, accumulating over the years a complex legal and financial history. That history could harm you, the present owner, in the form of claims filed against the property by missing heirs, holders of old liens, and others. In addition, the property might have been the object of identity theft or title fraud — a non-owner filing forged ownership papers in order to sell the real estate for profit. Title insurance protects you from these hazards. With title insurance, your ownership will last until you or your heirs choose to sell or otherwise dispose of the property.
I´m refinancing, do I still need title insurance?
Yes. When you refinance, you are acquiring a new mortgage loan on the property, and that loan needs the same protection as your previous mortgage.
I´m buying a brand-new home, do I still need title insurance?
Yes. Your dwelling might be newly built, but the land under it has a long history and may have had dozens of prior owners.
Will title insurance increase my mortgage payment?
No. The title insurance premium is a one-time fee paid at closing, along with your other closing costs.
How do I apply for a title insurance policy?
Submit to our office a copy of your "Agreement of Sale", or "1003" from your lender, or complete our online title request form.
How much does title insurance cost?
Main Street Abstract charges the lowest rates permitted by state law. For a free quote, contact our office via phone, fax, or e-mail.