If you are buying a property, you may have heard about title insurance. Title insurance protects the buyer from any threats to his/her ownership in the future. This may include debts, liens against the property or unknown heirs. Buyers are typically advised to buy Boca Raton title insurance. But there are some things you should know about this insurance before you buy:
It is not necessary to buy title insurance. The law does not make it mandatory. You can buy a house without the assurance of title insurance. However, any losses in such cases will be completely borne by you.
While title insurance is not mandatory, you may have to buy title insurance if you are looking for a mortgage lender to finance your investment. Most lenders will demand title insurance to protect their own investment. After all, any threat to your ownership will jeopardize their returns.
Choose your title insurance firm carefully. You can compare the different terms offered by different companies. This will give you an idea about the costs and usual protective terms offered under the insurance.
Boca Raton title insurance is a one-time cost. Unlike other insurances, you will not be required to pay premiums every year.
Find out if the insurance company offers multi-tiered pricing on their policies. Many insurance companies offer standard and enhanced policies. Some of these firms will only quote the enhanced price and not disclose the standard pricing. This is because the standard pricing is lower.
Even if you did not buy title insurance at the time of buying a property, you will probably ask to buy one if you plan to refinance.
Boca Raton title insurance companies fight aggressively to get customers. As a buyer, you must educate yourself on the different options in the market and look for the most favorable terms. You can also ask for discounts or negotiate with the insurance company.