Is a buyer of residential real estate required to purchase title insurance?

Buying your home is likely to be the most expensive purchase you will ever make. Title insurance is your protection that you will acquire ownership of your home free from any mortgages, tax liens, or other problems created by prior owners. If you are getting a mortgage, your lender will require you to obtain title insurance to protect the lender’s interest in the property. It is generally relatively inexpensive to also obtain title insurance for yourself as the buyer, which is called an owner's policy. If you purchase an owner's policy, it covers you as long as you own the property, and there are no additional premiums due to keep the policy in place. Even in a cash deal, title insurance will provide invaluable protection and peace of mind.