Wednesday, September 29, 2010
Albuquerque Real Estate definitions - TITLE INSURANCE
Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of the property.
In Albuquerque real estate transactions, it is a customary practice that the seller will pay for the owner's policy on the closing of their Albuquerque home. The interesting part is that Albuquerque home builders (as sellers) will pass this cost on to the buyer, thus causing the buyer to have to pay this cost again when they sell the house. Buyers of Albuquerque homes should be aware of this when they factor in the costs of purchasing a new construction home in Albuquerque.
For questions regarding title and the process - contact Fidelity Title
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