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There are two types of title insurance: a mandatory lender's policy, whose cost is based on the mortgage amount, and an optional owner's policy, whose cost is based on the home purchase price.
Title insurance. Title insurance is a form of indemnity insurance, predominantly found in the United States and Canada, that insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans. Unlike some land registration systems in countries outside the United States, US states ...
Owner-controlled insurance program. An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions). [1]
Buildings are subject to many different risks while under construction. They may catch fire, be damaged by high winds, or fall victim to other force majeure.A principle of common law is that any new construction or other improvement to land becomes property of the owner of the land – the title holder – once there has been an "improvement" to the owner's site.
Clear title means that the title to a property doesn’t have any liens or other issues attached to it. It’s about ownership, and who does — or does not — have a claim to legal ownership on ...
A title search ensures that there are no hidden claims on the property that could impact the ownership rights of the buyer. The search is typically performed by a title company or attorney and can ...
In real estate business and law, a title search or property title search is the process of examining public records and retrieving documents on the history of a piece of real property to determine and confirm property's legal ownership, and find out what claims or liens are on the property. [1] A title search is also performed when an owner ...
Most mortgage lenders require home insurance coverage up to the rebuilding cost of your home but, depending on the climate and other circumstances in your specific location, additional coverage ...
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