Q: I am buying my first house and I was told I needed “title insurance.” Do I have to get it? How much is it and what is it for?

A: If you are buying a home, whether is it your first or your last, you need to purchase title insurance. An abstract company with a real estate lawyer will conduct a “title search” in order for the sale to proceed properly. It protects the insured from any losses sustained from defects in the title. Also, it’s required by most mortgage lenders.

Here are five other things you should know about title insurance. continue reading »