The “Lender’s Policy” is insurance that covers the lender/seller of the property. This insurance typically makes sure that the financial institution has a valid lien on the property. This really does not protect you, the buyer of the property. Your aim should be to acquire the owner’s policy. This protects you from any issues with the title that existed prior to the closing of the property. In the event you suffer a loss due to a faulty title, the owner’s policy of the title insurance is what will hedge you from any financial strain.
Speaking of title insurance, it must be very expensive, right? Not necessarily. It is simply a one-time payment. On average, it can be anywhere between $300-$5,000. As big as that number sounds, that one time payment protects your investment of hundreds of thousands to even millions of dollars. The Rozhik Law Firm is here to help you find the best deal on the right title insurance. Our contacts in the industry can provide you with the best price on this crucial insurance.