Page 8 - Kionna Comer AZ Guide

ALL ABOUT

TITLE INSURANCE

1/3 conveys the rights of ownership

to the property.
of all transactions
reveal a title or WHAT IS TITLE
public record INSURANCE?
defect.
Title insurance policies protect
Buyers and lenders from
WHAT IS A TITLE? financial loss against possible
issues or defects in the title. A
The title gives the holder the title professional searches the
right to possess, occupy, use, public record (property records,
control, enjoy, and dispose of tax records, and court records)
the land. In other words, the title to establish legal ownership of
the property being sold, reports
and determines a cure for any
title defect, accounts for and
insures the entire transaction
against fraud or defect, whether
it is known or unknown. If a
claim arises, title insurance may
also cover the cost of defense
against the claim. Grand Canyon, Arizona
An owner’s policy protects the Desha Jackson (Tucson River)
Buyer, and their heirs, for as long HOW MUCH DOES
as they own the home. IT COST AND HOW
A lender’s policy protects only OFTEN DO I HAVE TO
the lender’s financial interest in PAY FOR IT?
the property.
There is a one time premium paid
WHO PAYS FOR TITLE at the close of escrow, and the
INSURANCE? coverage extends for as long as
the Buyer and their heirs hold an
Typically, the Seller pays for interest in the property. Policy
owner’s title insurance as a way costs can vary considerably. The
to prove to the Buyer that they cost is based on the sales price
are making a sound purchase of the property for an owner’s
with a clear title. The Buyer policy and the loan amount
typically pays for the cost of for a lender’s policy. Talk to
the lender’s policy for similar your escrow officer for a more
reasons. detailed estimate.
Skyanne Dinnigan (High Street)

8 ARIZ NA
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