Title insurance is one of the most important decisions a buyer can make during the purchase or refinance of a residential or commercial property.  In short, the insurance has a one time premium that you pay at closing.  The insurance is effective during the term you own the property, whether it be 6 months or 50 years.  A title insurance policy is the best form of title you can have for a real estate property.  The covenants and warranties a seller gives you at closing are only as good as the future financial net worth of that seller.  The ability to fall back on the closing attorney or abstractor is only good during the statute of limitations period defined by state law.  A lien that may be missed during the title search due to a mistake made by the clerk of court while indexing the item in the public records, a forged deed, an unauthorized seller signature at some time during the past 60 year chain of title, a missed or overlooked heir at some point in the past; these are just a few of the potential pitfalls you may encounter as an owner of real property.  Don't take the chance, research and purchase a title policy as part of your closing. 

You should also be aware that there are two types of title insurance.  If you are using a lender, you will be forced to purchase a  Lender's title policy at closing, as a condition of your loan commitment.  This lender policy will insure any defect that may become known during the term you own the property, but only to the dollar limit of the outstanding loan balance with your lender.  If you want future coverage for the full equity value you have in your home, you must have an Owner Title Policy.  The cost of an owner title policy is not that much more if purchased at the time of closing, but it is surprising to me that some closing agents do not recommend the policy or just briefly mention it's availability as a step in covering their duties as a closing agent.

Please discuss with your closing agent Title Insurance and request a quote for Owner Coverage.  You can call a local title company to provide the quote.  A local title company in the Danville Community is Southern Virginia Title at phone number 434-791-2757. 

The link below will connect you to a title company web site that has details about title insurance quotes and closing cost.

The Buyer Information letter below has important information a buyer should have prior to entering into a Real Estate Purchase contract. 



Buyer Information Letter

Title Insurance Link