Title insurance in Ponte Vedra is what protects property buyers and mortgage lenders against problems with a title during a transfer of ownership. If a dispute arises in the middle of a sale, the insurance company may be responsible for paying the legal damages. Homebuyers generally need two title insurance policies, an owner’s policy, and a lender’s policy. Below are three questions every homebuyer should ask about this type of insurance.
- Are Prices Regulated?
Title insurance prices are regulated in many states, so there will not be a difference among most companies. However, you want to ensure you are looking at both the quality of the insurance policy and the title search.
- How Much Coverage is Needed?
An owner’s policy will cover fraud, forgery, undisclosed heirs, spousal claims, and other contingencies. You can also purchase additional coverage if what you need is not covered in the standard policy.
- Does the Seller Select the Title Company?
If you are purchasing the insurance, you have the right to select the company. If a seller is trying to push a particular company, that may indicate a red flag. Working with a real estate lawyer will help ensure you do not encounter any unwanted surprises during the process.