What is title insurance and what are the basic items I need to know about it?
Title insurance is purchased by buyers prior to closing to protect themselves and their lenders (if applicable) from a situation where the seller does not indeed have free and clear ownership of the property and therefore is not legally able to transfer (i.e. sell) the property to the buyer. Typically, there is a low occurrence of ever actually needing to use the title insurance, but in rare circumstances when it is necessary, it could potentially save the buyer from losing the property or having to spend a significant amount of money addressing any issue that arise.
If you are taking out a mortgage on a property, your lender will require you to purchase title insurance to protect it from any risk of title issues.
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