What is title insurance and do you need it?
How title searches work, what title insurance covers, and why it matters.
What is title?
Title is your legal right to own and use a property. A "clear title" means no one else has a claim to the property. Title issues can include unpaid taxes, liens, undisclosed heirs, forged documents, or boundary disputes. These issues can surface years after you buy.
The title search
Before closing, a title company searches public records going back decades to verify the seller has the right to sell and no one else has a claim. In Virginia, the title company or closing attorney handles this. The search typically takes 1-2 weeks.
Title insurance
Title insurance protects you if a title issue surfaces after closing. There are two types: lender's title insurance (required by your lender) and owner's title insurance (optional but strongly recommended). You pay a one-time premium at closing. In Virginia, owner's title insurance typically costs $1,000-2,000.
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