A title insurance commitment will be issued by the title company which is an agreement by an insurer to issue a title policy.
Lenders and homebuyers are protected from financial loss as a result of flaws in a property's title through title insurance, a type of indemnity insurance. A lender's title insurance is the most typical sort of title insurance, which the borrower buys to safeguard the lender. The seller will frequently pay for owner's title insurance, the other form, in order to safeguard the buyer's equity in the property. Title insurance comes in two varieties: lender's title insurance and owner's title insurance. An owner's title insurance policy is necessary to provide additional security because title searches are not perfect and the owner is still susceptible to financial loss.
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