If you’re financing a new home, whether it’s a luxury home in Aspen, a ranch in Basalt, or a condo in Snowmass, you’ll most likely have to purchase have two types of title insurance to protect your financial investment: lender’s title insurance and a homeowner’s title insurance policy.
Lender’s Title Insurance Policies
When you are buying a new home, a bank will require lender’s title insurance. This type of policy is designed for protecting your lender if someone else makes a claim against the home. A contractor or another lender might have a lien on the home, and it is possible for another bank or contractor to sue your current lender. The cost of title insurance is typically 5 percent of the cost of a home, but you may also need to pay additional fees on the property.
Homeowner’s Title Insurance Policies
In addition to a lender’s title insurance policy, experts recommend buying a homeowner’s title insurance policy. This variety of policy is created to protect your investment in a home. Title insurance is an indemnity policy, and it can protect you when there is a defect in a home’s title, making it invalid. It is important to remember that a lender’s title insurance policy won’t protect you financially when someone makes a claim on your home.
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