What is Lender's Title Insurance?
There is a great deal of risk when you buy a home. Any number of things could go wrong, including legal claims regarding whether you are the rightful owner. Since you probably purchased the house with the help of a home loan, the lender is at risk, too. The bank or credit union gave you a great deal of money to purchase the property. If it turns out you did not receive clean title to the property, your lender risks you losing the house and not being able to pay back the loan. That is why both you and the lender obtain title insurance – to protect yourselves from potential legal claims.
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Release Time: 2019-12-26 09:10:03