What is Title Insurance and Do You Need It? - Money Tip Tuesday

<p style="text-align:left;">If you’re shopping for a house, you’ve probably heard the term title insurance thrown around. But what exactly is title insurance? Do you need it? Get ready to have all of your title insurance questions answered. </p> <p style="text-align:left;">Links: </p> <ul style="text-align:left;"><li>Speak with a Triangle <a href='https://trianglecu.mymortgage-online.com/OurOriginators.html'>Mortgage Originator</a> or learn more about our <a href='https://trianglecu.mymortgage-online.com/'>mortgage programs</a></li> <li>Follow our <a href='https://www.facebook.com/pg/MakingMoneyPersonalPodcast/posts/?ref=page_internal'>Facebook</a>, <a href='https://www.instagram.com/makingmoneypersonal/'>Instagram</a> and <a href='https://twitter.com/TCUpodcastMMP'>Twitter</a> pages!</li> <li>Learn more about <a href='https://www.trianglecu.org/home/home'>Triangle Credit Union</a></li> </ul> <p style="text-align:left;">Transcript: </p> <p style="text-align:left;">Welcome to Money Tip Tuesday from the Making Money Personal podcast. </p> <p style="text-align:left;">To start off, title insurance protects you as the owner of the property against any previous liens, judgments, tax issues, or ownership questions that may arise after the deed is transferred to you.  Whether you purchase a home with cash or through a lender, you as the owner have the option to purchase title insurance.   </p> <p style="text-align:left;">There are two types of title insurance – owner's title insurance and lender’s title insurance. The first type of title insurance, owner’s title insurance, is a type of insurance protects the owner in the event that there are defects in a title on the property.  If the previous owner stopped paying for a service before selling the house to you, the service provider put a lien against your property which was not resolved prior to the title transfer. A lien is a legal right to a person’s property until the debt is paid and the lien is released.  In other words, if you don’t have title insurance, the previo