Description
Owner's vs. Lender's Title Insurance | What Every Homebuyer Needs to Know Before Closing!
When buying a home in Las Vegas, Henderson, or anywhere in Nevada, you may notice two charges on your closing statement: Owner's Title Insurance and Lender's Title Insurance. But what's the difference, who pays for them, and do you really need both?
In this video, Las Vegas Realtor Chakits Krulsawat with Simply Vegas breaks down how title insurance works, what it protects, and why understanding these policies could potentially save you thousands of dollars in the event of a covered title dispute.
🏡 WHAT YOU'LL LEARN IN THIS VIDEO:
✅ Owner's Title Insurance: Learn how this policy protects your ownership interest against covered problems such as unknown liens, fraudulent deeds, ownership disputes, recording errors, and undisclosed heirs.
✅ Lender's Title Insurance: Understand why mortgage lenders typically require this policy and why it protects the bank's financial interest, not your equity.
✅ Real-Life Example: If you purchase a $600,000 home with a $120,000 down payment and a $480,000 mortgage, which policy protects you and which protects the lender?
✅ Who Pays for Title Insurance in Nevada? Discover why sellers traditionally pay for the owner's policy while buyers typically pay for the lender's policy, and how these costs can be negotiated.
✅ Standard vs. Enhanced Title Insurance: Learn about additional coverage options that may protect against certain post-closing fraud, encroachments, building permit issues, and other title risks.
✅ How Long Does Title Insurance Last? Understand why title insurance is generally a one-time premium rather than a monthly payment.
WHY TITLE INSURANCE MATTERS
Imagine purchasing your dream home for $600,000. Two years later, someone claims that a previous owner fraudulently transferred the property.
Without the right protection, defending your ownership could become expensive.
An owner's title insurance policy may cover legal defense costs and financial losses arising from covered title defects, subject to the policy's terms, limits, and exclusions.
Remember: Your lender's title policy protects the mortgage company, NOT your ownership equity.
BUYING A HOME IN LAS VEGAS OR HENDERSON?
Whether you're purchasing your first home, relocating to Las Vegas, investing in real estate, or buying a brand-new construction home, our team can guide you through the buying process, from negotiating the purchase agreement to reviewing closing costs.
Contact Information: Chakits Krulsawat | Direct: 702-319-1092 | Email: chakits.k@gmail.com | Simply Vegas | 1780 W. Horizon Ridge Pkwy #100 Henderson, NV. 89012.
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❎All INFORMATION IS RELIABLE BUT NOT GUARANTEED. ALL PRICING SUBJECT TO CHANGE ❎ Chakits Krulsawat with Simply Vegas Lic# S.0168764 in not a CPA, attorney, insurance, or financial advisor and the information in these videos shall not be construed as tax, legal, insurance, construction, engineering, health and safety, electrical or financial advice. DO NOT make buying or selling decisions based on Chakits Krulsawat videos. If you need such advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer/etc. or financial advisor. Linked items may create a financial benefit for Chakits Krulsawat®. Any use of other media is by fair-use only. This is not an advertisement of property for sale and shall not be construed as anything other than an opinion for entertainment purposes only.
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