Please Tell Waht Is Title Insurance?

[MacGregor]

New York,
Hey can anyone provide me advice regarding title insurance ?

Please,
Regards,
MacGregor

 

[justalayman]

it is an insurance policy that covers your loss should there be a legit claim against title to your property (that it was purchased for). There are many exemptions and exceptions to such a policy so they need to be read very thoroughly and any exception or exemption needs to be investigated prior to purchase. If there is a claim due to any of the exceptions, they will not pay the claim.

 

[MacGregor]

I got this much now tell me what about the payment? I mean as it is the policy then there must be some sort of premium or something that we have to pay after every some period of time as we have to do in the case of life insurance

 

[justalayman]

there is a one time purchase price and there are no additional premiums. In this sense, it acts like a bond but they still call it insurance.

 

[MacGregor]

Got bit confused what you told was the one that I learned from my close friend but the broker is saying that I have to go for title insurance and it is a policy which requires premium that I have to pay for next 3 years after every 4 months.is he trying to fool me out?Or there are some such policies to under the heading Title Insurance in order to reduce the burden of amount..

 

[justalayman]

every title insurance policy I have ever dealt with (I used to be a real estate agent) was a one time payment/purchase.

Not sure what this guy is referring to. Other possibilities I can think of;

PMI- generally not figured as a specific pay-off date and typically in the monthly payment

mortgage life insurance- maybe?

Other than that, not sure what this guy is selling you.

 

[moburkes]

Whatever he's describing it isn't title insurance. Ask him again what he is saying. Then come back and tell us.

 

[farmgirl_48732]

Title insurance?

Title insurance? is a rip off!

 

[moburkes]

Title insurance? is a rip off!

Hmmm. Apparently you haven't met someone who has received a payment from the insurance company because the house was sold to 2 different people onthe exact same day, or someone who purchased a house without title insurance and got burned because their were leins that they weren't aware of.

 

[MacGregor]

every title insurance policy I have ever dealt with (I used to be a real estate agent) was a one time payment/purchase.

Not sure what this guy is referring to. Other possibilities I can think of;

PMI- generally not figured as a specific pay-off date and typically in the monthly payment

mortgage life insurance- maybe?

Other than that, not sure what this guy is selling you.

Hey I am thinking of visiting the company in person and will get the details of the policy.I think this is the only right way for getting my doubts clear or I think it was very bad idea to go for a broker to purchase a house.