Title Insurance Basics You Need to Know if You’re Buying a Property

If you’re buying a property in Lake City, whether it’s a home or a piece of land, you’re probably going to need title insurance.

But what is title insurance, how much does it cost, and why do you need it?

Title insurance is a policy you have to buy that helps protect your ownership in a property in the future. There are two types of policies: a lender’s policy and an owner’s policy.

If you take out a loan to purchase the property, your lender will require that you buy a lender’s policy. If someone comes along later and claims that the property belongs to them, the policy will protect the lender from losing its investment.

Related: What is a clouded title?

If you purchase an owner’s title insurance policy, you’ll also be protected if someone comes along and claims ownership in the property.

Search for Land or a Home in Lake City Now

Before a title insurance company will sell you a policy, it will run a complete check on the property’s history. The company is looking for anything that might interrupt your ownership of the home – like a missing heir, an improperly filed deed, or any other information that could lead to someone else having a stake in it.

Are You Selling or Buying a Home for Sale in Lake City?

If you’re selling a home in Lake City, we’re the local experts. We know how to market your home aggressively and bring in qualified buyers, and we’d love to help you sell quickly and at the right price.

If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.

In the meantime, check out the most popular Lake City home searches by exploring the links below.

$248,535

SW Mcgriff Ln & Kaman Lake City, Florida

13.15 Acres

$549,900

15585 184th St McAlpin, Florida

2 Beds 2 Baths 1,130 SqFt 41.81 Acres

Title Insurance Basics You Need to Know if You’re Buying a Property