What is title insurance and why do I need it?

Title insurance is required to close your mortgage. It protects against title disputes that may arise regarding a particular property. Before your closing, a title company researches your property's title to ensure that it has been legally passed from buyer to seller every time it was bought or sold. Title insurance further protects the lender against illegal or fraudulent title transfers. You may choose to purchase an owner's policy that ensures that you have good and marketable title. It insures you against past events up to the date of the policy and is effective for as long as you own the property. The cost is based upon the mortgage amount and/or fair market value and varies in each state.

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