To get a mortgage you will have to purchase a lender's title insurance policy. This protects the lender against any title problems. But to protect your interests, you will need owner's title insurance, as well. Use your real estate attorney's title expertise Many companies sell title insurance. But a lay title agency (one that's not affiliated with a law firm) only prepares documents for closing and issues your title insurance policy. A lay title agency cannot: • Prepare contracts • Resolve title or inspection issues • Give you legal advice regarding the content of documents you sign during the closing Since your ownership rights must be legally protected, a person trained in the complexities of real estate law is best qualified to issue your owner's title insurance policy. That is your real estate attorney. Since the fee for title insurance will be about the same with or without a real estate attorney, it just makes sense to get the added value of an attorney's legal advice and counsel. You can expect to pay a one-time charge ranging from a few hundred to over a thousand dollars, depending on the sale price, for owners title insurance at closing. Unless you refinance your loan, this is the only time you will have to pay this premium. (Courtesy of Attorney’s Title Insurance Fund) The attorneys of Khani & Auerbach look forward to assisting individuals with a variety of residential real estate law services including: • Closings • Title searches • Title insurance • Review and explanation of contract terms and conditions • Review of Condominium and Homeowner’s Association Documents • Preparation of Notes and Mortgages |