Page 16 - Homeowners Manual - Marin County
P. 16
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�
11
