If you’re giving real estate as a lasting present of value, may I suggest a title insurance policy as a housewarming present?
Most people get real estate through purchase or inheritance. Gifting is a more rare form of land acquisition but is no less at risk to ownership challenges. You may think that because you’ve owned the property for a long time there are no title problems. That’s where the threat of hidden risk walks in.
Title insurance is for the unforeseen challenges—for what may have happened even before you owned the property, for any mistake that might have occurred in public records, for that paternity suit you didn’t know about yet.
If you’re giving the gift of real estate, you don’t have to donate hidden risk. Buy a title insurance policy for the new owner, and you add lasting worth to a valuable gift.
If you truly believe that it is better to give than to receive—especially if we’re talking big items like land—please don’t hesitate to call me!
Yes, you have to pay for Title Insurance every time you refinance. The policy that your lender has will go away when it is paid off in the refinance of your property. Your new lender will require a policy to protect their interest in the loan. Title insurance is not transferable, never has been and probably never will be.
Hopefully, this news does not come as a Surprise! Surprise! Surprise! That’s why I’m telling you now before you get to the closing table hungry for a helping of refinance and learn you have an unexpected expense. Refinancing has become more popular as folks are taking advantage of today’s low-interest rates. As you shore up your resources by reducing cost through refinance, keep Title Insurance in mind to protect your now and your future.
Some discounts are available based on your owner’s Title Insurance policy when you purchased your home. Ask about specifics.
Stephen CollinsI have to Pay for Title Insurance Every Time I Refinance?