Whether you are buying commercial or residential real estate, you probably know you are going to need title insurance. If this is your first time purchasing a property, you may not know that much about what title insurance is and how it benefits you. To help you understand what it is, we have listed below just a few things you should be aware of when it comes to title insurance for real estate.
Purpose
Before you buy a house or commercial property, a title company will complete a title search to ensure the seller legally owns the property and can sell it to you. The title insurance you buy ensures you and the lender are protected if anything were to go wrong with the transaction because the seller was not legally able to sell the property. As a result, its always important to protect yourself and your investment by purchasing title insurance when you are ready to break into the real estate market.
Costs
In Texas, the rates for title insurance are set by the Texas Department of Insurance. The cost of title insurance is usually included in the closing costs of a real estate transaction, but you should always double check in case it is not paid up front by the lender.
Reach out to a real estate attorney in Austin, TX, you can trust by calling Bukowski Law Firm at (512) 614-0335 right now.
