What is title insurance and do I need it?

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Title insurance is an insurance policy that protects the beneficiary (usually the bank or the owner) from defects in the chain or marketability of a piece of real estate. In general, the title insurance policy can provide peace of mind that the real estate you are purchasing is truly owned by the person from whom you are buying it. For example, an owner’s title insurance policy would typically protect an owner from claims from a previous owner of a claim of interest. It might also insure an owner against a claim by a neighbor of some encroachment on the neighbor’s property. Each policy has a list of rules and exceptions as to what the policy covers, so it is important to take a close look at exactly what type of protection the policy offers.

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