|
What Is Title
Insurance? Owner’s title insurance protects the owner of the home for the full purchase price (not just the loan amount as the lender’s policy would cover). While not required, it is strongly suggested that no home owner ever be without owner’s coverage. The cost of owner’s title insurance if purchased separately is $4.00/ thousand paid for the home. However, THE TALON GROUP, A Division of First American Title Insurance Company, which is the company that cherry tree title exclusively uses, and is one of our industry partners, offers a discount for simultaneous coverage. If a buyer takes both owners and lender’s coverage at the time of closing, the cost is $4.00/ thousand based on the sale price of the home plus a flat $175.00 for simultaneous coverage. Basically, the buyer saves almost $2.50/ thousand by taking both simultaneously. Also, owner’s coverage is a one time cost. As long as you own the home, you will never need to buy another owner’s policy whereas a lender’s policy must be purchased every time you refinance the home (though discounts are available if you go through our office again for the subsequent refinance). |