|Name||Title Insurance Explained Visually|
|Description||What is title insurance and why should any buyer get it when purchasing a home (single family, townhouse, condo, apartment, or whatever format your home purchase takes)? Watch the video to understand the essentials.<br><a href="https://www.texasfile.com">www.texasfile.com</a>|
Title Insurance Explained Visually So..Ta-Da! I'M Buying A House. Kind Of A Stick House - Get It? Anyway....that's cool, but what are all these COSTS! I'm just a stick figure...i don't do high finance. So I asked my brother... You know...the one that always had to be the banker when we played board games. I said, Bro, what the heck is Title Insurance? Do I need to pay it? He said...hey, i'm just a stick figure too!...but remember that board game? OK, look. Say you'd saved all your money for one big move you're going to buy THIS property. You give her the cash, and she gives you the TITLE. (remember those little cards? yeah) But two moves later - after she's dropped out of the game ANOTHER player says she gave him title to that place in a secret agreement. So he claims the title is HIS. Oh man - did you just lose your house AND your cash? My bro said, see, this could happen with real property, too like that house you're buying. Title - legal ownership - isn't always crystal-clear. Missing records, tax liens - even divorces can result in LEGIT claims on the title to YOUR house AFTER you buy it! OUCH! BUT...the good news... you can INSURE your legal ownership - your title just like you'd insure the building, only lots cheaper. Your title company - these guys - help you arrange title insurance. You, or the seller - depending on the state you're in - just pay a one-time fee as you buy the house. It's like getting a safe deposit box for this. The bank gets a key - that's LENDERS title insurance. And you get a key - that's OWNERS title insurance. Their key stops working when the mortgage is paid off. Your key - your insured ownership - works basically forever. It costs about what a real safe-deposit box would cost in the course of your mortgage. And if a claim does come up, the title insurance company has to deal with the costs and hassles-not you. You just keep on owning the house. Remember, you can't sell without a clear title; protecting it is just sensible. Then my bro said "it's all on the HUD-1 form at closing" but, hey, i'm a stick figure, draw me a picture, right? He's my bro, but he's kinda dorky sometimes. You can ask these guys about your title insurance they can help you win at the big home-ownership game. Unlike my brother! That's it. See ya.
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