Neither Benjamin Franklin nor Salmon P. Chase were President, yet both appear on US money; however, there’s a hundred-fold difference between them.
Benjamin Franklin-everybody knows him! He was an inventor, a statesman, and public leader. His face is printed on the hundred dollar bill, a handsome portrait to have in your wallet!
Salmon P. Chase-doesn’t tend to ride in people’s hip pockets so often (even when buying gas!). He served as Secretary of The Treasury and he’s on the ten thousand dollar bill.
The cost difference between having Owner’s Title Insurance on your real estate could be as great as the difference between these two men.
Owner’s Title Insurance typically costs a handful of Franklins (The base rate is $5.75 per thousand up to $100,000, and then $5.00 per thousand thereafter. The minimum charge for an Owner’s Title Insurance Policy is $100). It’s a one-time fee, and then those Franklins are ready to go to work should a property dispute arise.
Without Owner’s Title Insurance, a property dispute could cost the homeowner a lot more. The homeowner has to pay out-of-pocket for attorney’s fees and court costs to defend his ownership rights. Legal defense is expensive regardless of the property value of your home. The Salmon P. Chase bill is rare and hard to come by, yet title defense could cost $10,000 or more, and in the end, you could still lose your house.
When you spend a Woodrow Wilson (hundred thousand dollar bill) on the home of your dreams, it’s worth some Franklins to insure your title to it. Use correct denominations to get the maximum value. It’s a lot easier to reach into your walle for a Franklin
than for a Chase!