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Raleigh Home Buyer
What is Title Insurance

When you buy a home in Raleigh, a title search will be done to make sure that the person, bank, or company selling the home is the legal owner or has the legal right to sell that home.

This search will go back to when the home was first built - no matter how many owners there were. Some searches only go back a few months if it is a newly constructed home or it may go back 20 or 30 years. Most of the time there is no problem and the owner can give "clear title".

Clear Title means that there are no liens on the home and that no one, besides the owner, has any claim on the home.

However, the information on ownership of a home can be located in a wide variety of places. There is a very, very small chance that something was missed.

Raleigh Lender Title Insurance
Lenders don't like the possibility that something might have been missed and they might loose their money. So, to safeguard their money, the lender that provides your mortgage will insist that you get title insurance. This is "Lender Title Insurance."

If, on the outside chance, there is a successful claim filed on the title of the Raleigh home, Lender Title Insurance will pay the Raleigh mortgage company anything that is left to be paid on the mortgage they provided to you.

Raleigh Owner Title Insurance
There is also "Owner Title Insurance." Owner Title Insurance covers YOU. If there is a successful claim filed on your home, Owner Title Insurance will pay you any money you already paid on your mortgage, including your down payment, and pay off the any remaining mortgage.

What would be a "successful claim?"
A claim against the title of a home could be as simple as a clerical error or as complicated as a forgery. Someone may have forged a person's name in a divorce sale or maybe the company that worked on the roof last winter never got paid, or there is a mismarked property line.

Is title insurance a monthly fee?
No. You'll pay for title insurance one time - at closing. It is part of the Raleigh closing costs of your home. Although you pay only once it covers you for as long as you own your home.

Other things to consider when buying a Raleigh home are 7 Things Raleigh Home Buyers Should Know, Learning About Your New Raleigh Neighborhood and Tips on Negotiating With a Raleigh Seller.

If you have questions about buying a Raleigh Home or information on any Raleigh Homes
Email Us or Call Us Today at 919-280-2726

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