TEXAS TITLE INSURANCE
Purchasing real estate is often one of the largest financial decisions made in a lifetime. A title insurance policy is designed to protect your ownership of that purchase. In other words, it provides peace of mind and, more importantly, financial and legal protection for any damages a property owner incurs as a result of unknown or unforeseen issues involving ownership of the purchased property. Unlike other insurance policies, title insurance is purchased once at closing, and for the owner, lasts as long as the insured or their heirs have an interest in the property.
In the State of Texas there are two types of title insurance policies, an owner policy, which protects the ownership rights of the property, and a loan policy, which protects the lender or mortgage company’s claim to the property per the terms of the loan.
TITLE DEFECTS
It seems easy enough to pass ownership of real property from one to another, but there could be several hidden risks that could put your ownership rights in jeopardy. Examples of these risks that a title policy would ultimately protect against are:
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Title insurance coverage may seem trivial at the time, but it could truly save you in the long run.
TITLE INSURANCE PREMIUMS
Like we mention above, in Texas, you only pay once for an owner’s title policy and that premium amount is regulated by the Texas Department of Insurance and based on the purchase price of the property; meaning, regardless of title company, your policy price will be the same. A list of those premiums and how to calculate them can be found here.
HAVE MORE QUESTIONS?
Feel free to reach out to any Carlisle Title team member or drop a message in the comments below.
The information provided is given as a resource and is deemed reliable but not guaranteed. If you have any questions or need legal assistance, please contact the Texas Department of Insurance or consult an attorney.
