Purpose of Title Insurance

來源: Slothehz002 2012-11-30 14:22:49 [] [博客] [舊帖] [給我悄悄話] 本文已被閱讀: 次 (882 bytes)
回答: protect for what? thanks在家孵小雞2012-11-30 14:03:36

25% down payment removes the requirement for MIP (Mortgage Insurance Premiem) and has nothing to do with IT or Title Insurance. TCs or Title Companies issue TI. TI is used to guarantee that you get a clean title. If any body else challenges validity of the title transfer or there is any unpaid liens/assessment, the TC will cover the cost.

99.999% of time, TI is useless since a lot of prelimanary title search was done thoroughly, which left almost no chance for any defects on the title. As results, TC collect title insurance fee without paying anything back. All insurance companies are the same in nature. 

However TI gives you a peace of mind. If you finance your purchase, Mortgage companies takes TI as a must to have. If you purchase the property with cash, you may waive the TI. The most people still want TI regardless to get a peace of mind.

所有跟帖: 

very clear in writing, good answer to the question too. Welcome -qiaoshe- 給 qiaoshe 發送悄悄話 qiaoshe 的博客首頁 (84 bytes) () 11/30/2012 postreply 14:43:38

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