If you are financing the purchase with a mortgage from a lender, you will be required to purchase this protection for your lender. All lenders require loan policy coverage typically up to the amount you are borrowing. This policy does not protect your interests.

The bank policy does not cover you, it only protects the lender. If a title issue arises later, although the bank would be protected, your interests would not be insured under the bank’s policy. Our title insurance policy protects you even if a defect was not uncovered in the title search or an error was made in producing the title search. Since you have purchased the Lender’s policy, to add the Owner’s policy is not that expensive and once purchased, the Owner’s policy is good for as long as you own your home and any liability after you sell the property when providing covenants in your deed to the new owner.

Purchasing an Owner's policy will provide the following examples of the types of coverage:

• Insurance against losses from undisclosed liens or encumbrances.
• Coverage in the future of rejection of your title by a subsequent buyer due to an undisclosed lien, claim or title defect.
• Insurance that you are the current owner of the property and that you have legal access.
• The title insurance policy covers legal fees and costs in defending against claims.

1. Select a local, licensed real estate agent.
2. Submit a written offer.
   Your agent can advise you on the offer, and help you complete the necessary paperwork.
3. Negotiate a contract.
   The seller may accept, reject, or counter your offer. Keep in mind, it is common to negotiate with a seller several times before agreeing on a final contract – your real estate agent will help you through this step.
4. Execute a contract.
   Once both parties agree, they must sign a written contract that includes all agreed upon terms and conditions.
5. Make a good faith deposit.
   If your offer is accepted, the good faith deposit will be held by the real estate agent or settlement company in escrow, and credited toward the purchase price at closing.
6. Determine your down payment amount and financing.

   The down payment is the portion of the home's purchase price that you plan to pay upfront (this includes your good faith deposit). This amount is usually paid in cash. Your down payment combined with your mortgage loan amount will equal the home's purchase price.

   The financing section of your contract lists the amount of money you plan to borrow, as well as, the type of mortgage product you have selected (e.g. 30-year fixed, ARM, FHA, etc.). This section will also indicate whether the Seller is offering to pay any points (or offer certain concessions) as part of the transaction.

   Your contract may contain a financing or sale of your existing home contingency. These clauses typically provide that if you do not obtain a written loan approval commitment or do not sell your home within a specific time period that the contract may be considered null and void. These clauses normally provide an “out clause” in the contract so your deposit does not become at risk, and will be refunded if one of these contingencies are not met - despite your good faith effort to perform either.

7. Order a home inspection, as well as other optional inspections (if required).
8. Order a title search of the property, as well as a property survey (if required).
9. Schedule your settlement / closing.
10. Conduct a walk-through of the property.
    Prior to closing (typically the same day), you are entitled to walk through the property. This is separate from the home inspection. Any specific issues (e.g. unfinished repairs) can be addressed via a contract addendum.
11. Select your closing option - complete the sale by signing all necessary documents either in person, or a remote digital closing, where available.