When you buy a condo or loft for sale in Downtown Los Angeles, you’ll need title insurance – particularly if you’re working with a mortgage lender. (Mortgage lenders require you to buy a title insurance policy for them.)
Title Insurance Basics
What is title insurance, how much does it cost, and why do you need it?
First, there are two types of title insurance policies. One is for lenders and the other is for homebuyers. The lender’s policy protects the lender, not you; you’ll need your own policy for that.
Title insurance helps protect your ownership (or your lender’s ownership) of a property in the future. If someone comes along and claims ownership to part or all of the property, a title insurance helps cover the costs related to fighting that person’s claim.
But before a title insurance company will sell you a title insurance policy, they’ll have their agents do a complete check on the property’s documentation history. They’re looking for anything that might affect your ownership, like a missing heir, a paperwork error or improperly filed deed, or anything else that means someone else could make a claim against the property.
Are You Buying a Loft or Condo for Sale in DTLA?
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