What is a title insurance policy?

A title insurance policy is a type of insurance policy that is used in real estate law in North Carolina. It is designed to protect the rights of both the buyer and the seller of a property. The policy helps to protect the owner of a property from any claims made by another party who may have a prior claim to the property, or may have a legal issue with it. The title insurance policy will cover any expenses that arise from a dispute or legal issues associated with the property, such as court costs or law fees. It is important to know that the title insurance policy is not a guarantee that all title claims will be resolved in the favor of the insured party, but it significantly reduces the risk of any claims or legal problems that may arise. When purchasing a property, a lender may require the buyer to purchase a title insurance policy in order to provide financial protection in the event of a dispute. In this case, the lender typically pays for the policy and the buyer would reimburse the lender for the cost. The amount of the policy will depend on the value of the property. In short, title insurance policies are used in North Carolina real estate law to help protect the interests of both buyers and sellers. The policy helps to ensure that the property is free from any monopolies or claims that may prevent the smooth transfer of ownership.

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What is a title insurance policy?

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