Title Insurance


Generally, there are two forms of title insurance. Lender's title insurance, required by most lending institutions, is normally written in the amount of the mortgage and protects the lending institution from losses resulting from title defects.

Because lender's insurance expires when the mortgage is repaid, you may benefit from the second form of title insurance known as an owner's title policy. It usually is written for the amount of the purchase price of the home. This protection starts the day of the closing and lasts as long as you or your heirs retain an interest in the property. Owners title policies come in differing degrees of coverage. Always have the title company explain the differences in policies they offer.

Unlike other insurance premiums, your title insurance premium is paid only once, at the closing. In most Arizona sales, the seller pays the title insurance. By purchasing owner's and lender's protection simultaneously, substantial savings in title insurance premiums can be realized.

After all fees have been paid and documents signed and notarized at the closing, you will receive a copy of each document and, most importantly, title to your house.