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Title Insurance
ME Title encourages all our buyers and lenders to obtain a title insurance policy at closing. In fact, we require all cash buyers to either purchase a title insurance policy or sign a hold harmless agreement. We are proud to offer policies through both CATIC and Old Republic Title Company.
*All estimates obtained through the use of these calculators are dependent upon the accuracy of the information entered into the calculator and no guarantee of issuance is expressed or implied.
Title Insurance Overview
Title insurance is a one time cost paid at closing, and it protects a homeowner or lender against financial loss from real estate title defects or liens against a property. We often hear that a property is a new build, or has only had one owner, so it is believed to be free of any defects. The truth is that any property could have a hidden title issue that can affect the current homeowner or lender and a title insurance policy is the only way to protect yourself once you leave the closing table.
At ME Title our attorneys pride themselves on conducting thorough and extensive title searches of our customer's properties. Unfortunately, there are some issues that are nearly impossible to detect during a search. These issues include, but are not limited to: misrecorded documents, fraud, or misrepresentation.
Cost of Title Insurance
Unlike health or homeowners insurance, you only pay for title insurance once. The cost is based on the purchase price of the property, or in the case of a gift, the assessed value. Premiums generally start at $100 and go up from there. The title insurance premium is considered to be part of the closing costs. Typically this would be paid by the buyer, however in some instances closing costs are shared with, or covered by, the seller.
Please feel free to call our office to discuss what your potential premium may be or you can use these premium calculators.
*All estimates obtained through the use of these calculators are dependent upon the accuracy of the information entered into the calculator and no guarantee of issuance is expressed or implied.
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