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How to Buy Title Insurance

The answer to the question "How do you buy title insurance?" is actually quite simple. But to understand title insurance is not always so simple. First, lets take a look at what title insurance is.

The answer to the question "How do you buy title insurance?" is actually quite simple. But to understand title insurance is not always so simple. First, lets take a look at what title insurance is.

Title insurance is an agreement to indemnify the policyholder against claims affecting title to real property. The policyholder may be a lender or may be you as the owner of the property. The two most common policies written are a Lender¹s Policy and an Owner¹s Policy. These policies are designed to protect either the lender or the owner. So be aware, just because your lender has a title policy insuring their interest it does not mean you are insured as the owner.

Title insurance is different from other types of insurance. It does not determine future risks or events. For example, it is not based on the knowledge that at some point in time you will die and your heirs will receive a predetermined amount of money, as is the case in a life insurance policy. Issuing a title insurance policy is based on a search of the records affecting title to real property and determining the affect those records will have on you or your lender¹s interest in the property. Those items affecting title to the property are commonly referred to as exceptions to title and are shown to you or your lender in the title commitment. We must also take a look at why you need title insurance. Your lender will require a title insurance policy to protect their interest as a mortgage holder on your property. The title policy is there to insure there are no liens, encumbrances or other matters affecting their interest.

What can you rely on to insure there are no liens or encumbrances affecting your ownership of the property? An owner¹s policy of title insurance is your best protection. Some of the other benefits of title insurance are a low, one time, premium. Title insurance is not billed on a yearly basis like an auto insurance policy. You can reduce the cost of purchasing an owner¹s policy by purchasing it at the same time your lender¹s policy is purchased. And, you can receive further discounts if we have previously issued title insurance for the property. Now, back to the answer of the previous question. How do you buy title insurance? The simple answer is, contact your title professionals at Pioneer Abstract & Title. Our experienced staff in Duluth, Superior and Cloquet is able to help with all your title insurance needs.The answer to the question "How do you buy title insurance?" is actually quite simple. But to understand title insurance is not always so simple. First, lets take a look at what title insurance is. Title insurance is an agreement to indemnify the policyholder against claims affecting title to real property. The policyholder may be a lender or may be you as the owner of the property. The two most common policies written are a Lender¹s Policy and an Owner¹s Policy. These policies are designed to protect either the lender or the owner. So be aware, just because your lender has a title policy insuring their interest it does not mean you are insured as the owner.

Title insurance is different from other types of insurance. It does not determine future risks or events. For example, it is not based on the knowledge that at some point in time you will die and your heirs will receive a predetermined amount of money, as is the case in a life insurance policy. Issuing a title insurance policy is based on a search of the records affecting title to real property and determining the affect those records will have on you or your lender¹s interest in the property. Those items affecting title to the property are commonly referred to as exceptions to title and are shown to you or your lender in the title commitment.

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We must also take a look at why you need title insurance. Your lender will require a title insurance policy to protect their interest as a mortgage holder on your property. The title policy is there to insure there are no liens, encumbrances or other matters affecting their interest.

What can you rely on to insure there are no liens or encumbrances affecting your ownership of the property? An owner¹s policy of title insurance is your best protection.

Some of the other benefits of title insurance are a low, one time, premium. Title insurance is not billed on a yearly basis like an auto insurance policy. You can reduce the cost of purchasing an owner¹s policy by purchasing it at the same time your lender¹s policy is purchased. And, you can receive further discounts if we have previously issued title insurance for the property.

Now, back to the answer of the previous question. How do you buy title insurance? The simple answer is, contact your title professionals at Pioneer Abstract & Title. Our experienced staff in Duluth, Superior and Cloquet is able to help with all your title insurance needs.

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