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Understanding the Value of Title Insurance

At Fulton Title, we are committed to delivering dependable property titles and assisting you in navigating the intricacies of property ownership with assurance. Recognizing the crucial role of comprehensive title insurance in safeguarding your investment and streamlining real estate transactions, our team offers expert guidance and tailored title services to meet your unique requirements.

Most Frequently Asked Questions About Title Insurance

At Fulton Title, we prioritize keeping you informed and empowered throughout your property ownership journey. Whether you’re a first-time homebuyer or a seasoned investor, understanding the ins and outs of title insurance is essential. Let’s explore the common questions and expert answers to help you navigate the complexities of title insurance with confidence.

What is Title Insurance?

Title insurance is a policy that protects both lenders and buyers against potential losses resulting from problems with a property’s title. It covers claims and legal fees that may arise from title defects.

Do I Need Title Insurance?

While not legally mandatory, title insurance is highly recommended when purchasing property. Most lenders require it to approve a mortgage, and real estate professionals strongly advise buyers to obtain it to protect their ownership rights.

How Much Does Title Insurance Cost?

Title insurance is typically a one-time fee paid at closing. The cost varies based on the property’s purchase price and location. In some states like Ohio, rates are set by the Ohio Title Insurance Rating Bureau (OTIRB).

Who Pays for Title Insurance?

The party responsible for paying title insurance varies by location and market conditions. In Ohio, the buyer commonly covers the cost of the owner’s and lender’s title insurance policies in most counties. While this practice is generally observed, the allocation of title insurance costs is negotiable, allowing for different arrangements based on individual negotiations.

What Does Title Insurance Cover?

Title insurance protects against various issues, including:

  • Unknown liens or mortgages
  • Errors in public records
  • Fraudulent deeds
  • Undiscovered heirs claiming ownership
  • Boundary disputes
  • Forgery and impersonation

What if I'm Buying a Newly Constructed Home?

Even for new constructions, title insurance is important. It can protect against issues related to the land’s previous owners or liens resulting from unpaid subcontractors.

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