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With the economy showing small signs of improvement, now is a good time for first time homebuyers to be researching the housing market. In Denver, real estate statistics continue to show that it is a buyer’s market with properties staying on the market for an average of 144 days. Those interested in entering the real estate arena should be sure to be aware of the need for title insurance. Fortunately, the Denver insurance industry offers well over 50 companies that provide this critical product.

Title insurance and other insurance types are entirely different. Common insurance like car and home and life are designed to provide the owner with protection from unexpected events that could happen in the future. Car accidents, house fires, unexpected serious illnesses, and premature deaths are all examples of events covered by these types of insurance policies. Title insurance is different because its coverage is specifically designed to deal with things that happened in the past to homes and properties.

While common insurance like auto policies require payment of premiums on an annual basis and span the entire life of vehicle ownership; title insurance is a one-time purchase. Its sole purpose is to protect a new owner from problems that are the responsibility of the prior property owner. Examples of this include liens, money owed to creditors unpaid or not released by the seller of the property. The single payment of title insurance, usually done when the property sale is at the completion or closing date, will protect the new owner for as long as they own the specific property.

Denver insurance providers in the title industry offer two types of insurance. The first is for the property owner and the second is for the lender or financing institution providing the mortgage. The owners’ coverage is usually constructed to cover them for the end cost of buying the property. Lender’s insurance, on the other hand, is to protect the mortgage provider’s investment in the amount of the loan provided to the buyer.

It can vary in Colorado but most of the time the property seller pays for the cost of the new owner’s title insurance. The homebuyer, in turn, takes on the fee for the insurance for the lender. This way, the seller reassures the buyer that the property title is free of any past financial obligations and the buyer demonstrates to the lender that the proper research has been done to determine that the title is free and clear. When preparing for the sale closing, it is often possible to reap the benefits of title insurance discounts if one company provides insurance coverage for both lender and buyer.

With the wealth of Denver insurance companies available to provide title policies it is a buyer’s bonanza. Explore the options that are available, take advantage of the experiences of friends and realtors and find the firm that best meets your personal needs.

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Article from articlesbase.com

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