Title insurance protects both the new owner and/or the lender against future claims or disputes regarding the ownership of the property. Title insurance is generally purchased as part of the closing, either by the buyer or seller, depending on the contract. Generally, two separate policies are issued: a Lender’s Policy, which protects the new lender and their lien on the property, and an Owner’s Policy, which protects the new owner against certain claims. When you buy title insurance in Richmond, Texas, you are literally insuring the title to your property, protecting you against claims against your property later down the road.
Basic rates for Title Insurance are set by the Texas Department of Insurance, and are generally based on the sales price.