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Title insurance
An insurance policy that protects a lender and/or home owner against any loss resulting from a title error or dispute Most lenders require that you buy title insurance for them to protect against future problems that might arise with the title (ownership). For example, a long lost uncle may show up out of the blue to refute your right to a property, claiming that the property's deed is a forgery. Depending on where you live, you may have to pay for both your policy and the lender's policy. You pay this one-time fee on your home's closing date. Title insurance may also cover the charge to oversee closing, conduct the title search and the premium. If you refinance your mortgage, you only have to buy the lender's title insurance. The owner's policy protects you and your heirs until you sell your property.

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