Page 14 - Home Buyers and Sellers Guide - Hawaii

9. Owner’s Title Insurance Policy
• Research the value and importance of an Owner’s Title Insurance Policy early on in the process of obtaining
a loan and closing on the purchase of your home.
• Homebuyers often assume that the Lender’s Title Insurance Policy protects them from challenges to their
ownership rights in the property being acquired. This is not the case. Instead, the homebuyer’s interests are
protected by an Owner’s Title Insurance Policy. This insurance coverage typically protects against adverse
matters such as ownership challenges, errors and omissions in deeds, forgery and undisclosed heirs, among
other things. It also provides coverage for the attorney’s fees that arise where legal challenges to your
property’s ownership occur. Its cost is typically based on the home’s total purchase price, and is a one-time
fee paid at closing.

10. Ask Questions
• This is one of the most important purchases of your life. Do not be afraid to ask questions of your lender, real
estate agent and escrow officer.

Consumers are given more time to consider
their options because the closing disclosure (CD) form
is now provided three days before signing documents.

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