{"id":4507,"date":"2022-09-07T20:00:07","date_gmt":"2022-09-07T20:00:07","guid":{"rendered":"https:\/\/cloud03.titletapsites.com\/testblog\/?p=4507"},"modified":"2022-10-14T13:39:38","modified_gmt":"2022-10-14T13:39:38","slug":"is-title-insurance-transferable","status":"publish","type":"post","link":"https:\/\/cloud03.titletapsites.com\/testblog\/blog\/is-title-insurance-transferable\/","title":{"rendered":"Is title insurance transferable?"},"content":{"rendered":"<p>To properly answer this question it is necessary to first clarify between two distinct types of title insurance: Lender\u2019s Title Insurance and Owner\u2019s Title Insurance.<\/p>\n<p>A lender&#8217;s policy is required by most banks and mortgage companies to protect their interest in your property up to the amount of your loan. In the event of an issue with the title, this policy will not cover any equity over and above the loan value and it does not protect the homeowner.<\/p>\n<p>In order for your interest in the property to be protected, you must secure an owner\u2019s title insurance policy. These policies address the homeowner\u2019s liability and provide protection up to the full value of the property.<\/p>\n<h2>Not All Title Insurance Is Transferable<\/h2>\n<p>It\u2019s tempting to just say no, title insurance is not transferable and it cannot be converted to a new owner to the property. However, different situations affecting the property impact lender\u2019s and owner\u2019s insurance policies in different ways:<\/p>\n<ul>\n<li><strong>The property is sold<\/strong> \u2013 When a property is sold the lender\u2019s insurance policy terminates with the fulfillment of the seller\u2019s loan. Similarly, the owner\u2019s title policy dissolves as the seller relinquish ownership of the property. Neither policy can be transferred or assumed by another party. The buyer must purchase his or her own title insurance policies.<\/li>\n<li><strong>The property is refinanced<\/strong> \u2013 If a home is refinanced and the prior loan is paid off, then the lender\u2019s policy terminates. Your lender will require a new policy on the new loan to protect their investment in the property. However, since ownership has not changed, the owner\u2019s title insurance policy remains in place.<\/li>\n<li><strong>The property is passed down to an heir<\/strong> &#8211; Most owner\u2019s policies lasts as long as you or your heirs own the property. Depending on the terms of your coverage, your policy may also provide warrantor\u2019s coverage after you no longer own the property. If there is still a mortgage on the property, the lender\u2019s insurance policy may remain in effect if the loan is assumed by an heir. However, if the loan is refinanced, the lender\u2019s policy will terminate and new policy will likely be required.<\/li>\n<\/ul>\n<p>Regulations and requirements may vary widely from state to state. If you are not sure whether or not your policy is transferrable (or under which conditions), be sure to contact your title insurance company for answers specific to your situation.<\/p>\n<p>It is important to note that, generally, title insurance can only be purchased at closing. If a mortgage is involved, a lender\u2019s policy will be mandatory. However, an owner\u2019s title policy is optional and often bypassed, leaving the homeowner vulnerable to liability. If purchasing property, be sure to carefully research your options for an owner\u2019s title insurance policy.<\/p>\n<p><strong><a href=\".\/title-insurance\/\">Browse more title insurance articles.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To properly answer this question it is necessary to first clarify between two distinct types of title insurance: Lender\u2019s Title Insurance and Owner\u2019s Title Insurance. A lender&#8217;s policy is required by most banks and mortgage companies to protect their interest in your property up to the amount of your loan. In the event of an [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":4747,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[46,45,44],"tags":[5,6,3,9],"class_list":["post-4507","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-settlement-services","category-title-escrow","category-title-insurance","tag-home-buyer","tag-home-seller","tag-real-estate","tag-title-insurance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Is title insurance transferable? - Test Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cloud03.titletapsites.com\/testblog\/blog\/is-title-insurance-transferable\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is title insurance transferable? - Test Blog\" \/>\n<meta property=\"og:description\" content=\"To properly answer this question it is necessary to first clarify between two distinct types of title insurance: Lender\u2019s Title Insurance and Owner\u2019s Title Insurance. A lender&#8217;s policy is required by most banks and mortgage companies to protect their interest in your property up to the amount of your loan. 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