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If you plan to buy a Chicago property, the sooner you learn about title insurance, the much better. For numerous first time Chicago true estate buyers, the first time they hear about title insurance at the closing of their Chicago property. This article presents the fundamentals of title insurance coverage for guarding your new Chicago true estate acquisition. What is Chicago Properties Title Insurance? When you acquire a new vehicle, do you insure your car? Of course! When you apply for auto insurance, does the agent ask to see your title? Of course! Thats the basic concept behind Chicago Properties title insurance - to protect your Chicago genuine estate investment, The mortgage lender requires proof you own the Chicago property and no a single else has a lien on your property. The chances or securing a Chicago real estate mortgage without having title insurance are like the Chicago Cubs winning the pennant this year only far better! Title Insurance - NOT Casualty Insurance Casualty Insurance coverage such as car insurance assumes risks for damage to your car or other property. When you have a covered accident or loss, they pay you. Title insurers earn their cash by obtaining and eliminating risks to your Chicago property Ahead of you sign the contract. The amount of funds involved is so Big, there is no room for mistakes. The Chicago real estate buyer and Chicago real estate seller each want the deal for the Chicago property to go through and title Insurance is the vehicle to close the deal. Title Insurance Benefits Chicago Properties Very first you ought to be healthy and reside to a ripe old age in your new Chicago property Since the troubles that could befall you with out title insurance could endanger your well being such as investing your life savings in a Chicago property only to uncover you dont have a clean title to it and wind up in court. The lawyer fees alone will set up back a small fortune or a big a single depending how extended and costly the fight to secure title to your Chicago property. Chicago Properties Title Insurance coverage Policies Title insurance policies come in two varieties of policies: An owner's policy which insures you, the homebuyer and your heirs. The other type is a lender's policy to defend their security interest in your Chicago real estate acquisition. As opposed to vehicle insurance, the title insurance premium is a a single time payment based on the size of your Chicago property acquire. Also, shop about for title insurance to save income far better devote on your new Chicago property. Happy House Hunting! nj mortgage rates