Do you really need title insurance? You may not think much about it, but title insurance has benefits, not only for homeowners but for everyone involved in the sale and purchase of the house.
For Buyers Real Estate: Real Estate Buyers need protection against serious financial losses because of defects in the title to the property being purchased.
Title insurance companies will protect both assertions arising from title problems that can be found in public records, and those "non-record" flaws which cannot be found in the records, even with the most complete search.
To Lender: A title insurance policy provides mortgage lenders with a high level of security against the loss of security as a result of a problem with the title. This protection remains in effect for the mortgage remains unsatisfied.
Seller: Title insurance policy protects the seller's financial damage if the title was rejected by the prospective buyer. Also, when attached to the seller with the "guarantee" that traditionally, the seller is still protected if sued the buyer for breach of their warranties.
Attorney for Real Estate: Title insurance allows a real estate lawyer to provide clients with substantially greater protection than that afforded by the opinion of any lawyer.
Besides security offers title insurance, most brokers have experienced many instances where title insurance personnel has allowed them to close the transaction should have been delayed.