Sally Crow

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Sally Crow
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Sandusky
Title Specialist
Hartung Title Agency, Inc.
327 E. Washington St.
Sandusky
OH
44870

Why Title Insurance is Necessary on a Refinance Transaction

Although an Owner’s Policy of Title Insurance lasts for as long as the homebuyers own the property, a Loan Policy protects the lender’s investment only for that particular loan. When refinancing, homeowners obtain a new loan and expose their new refinance lender to new risks. Title risks for refinances include other mortgages, mechanics’ liens, liens from unpaid taxes, divorce, bankruptcy, etc. The lender (even if the same lender is used) will require a new title insurance policy to protect against those risks.

 

Why New Homes Need Title Protection

Title insurance is necessary on a newly constructed home even though the home itself has no title history. This is because title risks may result from actions that occurred before the new home was built. Also, the builder or developer may have created title risks, such as liens from unpaid subcontractors, tax assessments, bankruptcy proceedings, or a delinquent loan balance on the property. Title professionals help uncover and address these issues upfront, and an Owner’s Policy protects the homebuyer after they move into their new home.

Sally Crow
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Sally Crow
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