In some areas, seller pays title and in some areas buyer pays for title. Title is short for “Title Insurance Policy.” Property cannot be conveyed properly without marketable title. An Owner’s Policy is the Policy the buyer receives upon purchasing property, which insures that the property they’ve purchase is actually their property. Each time property is conveyed, another link in the chain of title is formed. It is essential that the person preparing your title insurance policy understands all of the necessary requirements of marketable title, and how to clear up any clouds on the chain of title. A cloud on title can seriously impact the value of your property.
-Emily A. Helmick, Esq.