Q&As

• What is the difference between a real estate agent and a real estate broker?
• What steps do I go through to buy a house?
• How long does it take to buy a house?
• I want to buy a house. I know the property and the seller has an agent. Do I need my own agent or can I negotiate a lower fee if I act as my own agent?
• How much does it cost to use a Buyer’s Agent / Realtor / Broker?
• Working with FHA/203B, RD, VA, Section 184, 203K, Conventional, HELOC, and other types of financing?
• Real vs Personal Property
• Mortgages for Manufactured Homes
• What is a CMA, Appraisal, and AVM?
• Can the Buyer purchase personal property from the Seller?
• Can a mortgage be used to purchase a mobile home?
• What are the basics for handling multiple offer negotiations?
• Are husband and wife required to apply jointly for a mortgage?
• How do I prepare for a cash purchase?
• Do I need flood insurance?
• Where can I research flood maps / areas?
• To whom should I write the earnest money check?
• Should I buy a residential service agreement (i.e. home warranty)?
• Assuming you’ll be obtaining mortgage financing (i.e. not paying cash), here’s a list of steps to buy a house:
• Do I also need an attorney?
• How does the MLS help buyers?
• What is the MLS?
• What’s the difference between a Pre-Qualification Letter and a Pre-Approval Letter?
• When do I apply with a mortgage lender?
• What is Owner’s Title Insurance (OTI)?
• What is Lender’s Title Insurance (LTI)?
• What is title insurance?
• What does a title company do for Buyers?
• How can Harrah Realty help me as a Buyer?
• How much does it cost to buy a home?
• Do you work with out of town clients?
• Can you help me purchase or build a new home?
• Do you work with First-Time Home Buyers?
• What is a lease purchase or an option purchase?

What is title insurance?

On the day of closing, your title company tells you they did their research, and title looks clear.

However, if fraud, forgery, or human error is discovered in the future, your claim to title may become clouded.

Title insurance is sold by your title/closing company and covers the purchaser from the day of closing back in time.

It doesn’t cover events that happen after you take ownership because it doesn’t insure against the future.

It’s important to understand what situations are and are not covered by your title insurance policy.

All title companies offer title insurance, but, like all types of insurance, different companies’ insurances cover different things. Regardless of your title company, any title insurance is better than not having it.

If you have a mortgage, you’ll be required to obtain Lender’s Title Insurance (LTI), and Owner’s Title Insurance (OTI) is always optional.