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If you program to acquire a Chicago property, the sooner you find out about title insurance coverage, the better. For many first time Chicago real estate buyers, the first time they hear about title insurance coverage at the closing of their Chicago property. This article presents the fundamentals of title insurance for protecting your new Chicago real estate acquisition. What is Chicago Properties Title Insurance coverage? When you buy a new auto, do you insure your car? Of course! When you apply for vehicle insurance, does the agent ask to see your title? Of course! Thats the basic idea behind Chicago Properties title insurance coverage - to protect your Chicago genuine estate investment, The mortgage lender demands proof you own the Chicago property and no one particular else has a lien on your property. The chances or securing a Chicago genuine estate mortgage with no title insurance coverage are like the Chicago Cubs winning the pennant this year only much better! Title Insurance - NOT Casualty Insurance Casualty Insurance such as automobile insurance coverage assumes risks for damage to your car or other property. When you have a covered accident or loss, they spend you. Title insurers earn their funds by finding and eliminating risks to your Chicago property Prior to you sign the contract. The amount of funds involved is so Big, there is no room for errors. The Chicago genuine estate buyer and Chicago true estate seller both want the deal for the Chicago property to go through and title Insurance coverage is the car to close the deal. Title Insurance Benefits Chicago Properties Initial you should be healthy and live to a ripe old age in your new Chicago property Because the problems that could befall you without title insurance could endanger your health such as investing your life savings in a Chicago property only to discover you dont have a clean title to it and wind up in court. The lawyer fees alone will set up back a tiny fortune or a massive one based how extended and costly the fight to secure title to your Chicago property. Chicago Properties Title Insurance Policies Title insurance coverage policies come in two kinds of policies: An owner's policy which insures you, the homebuyer and your heirs. The other type is a lender's policy to defend their security interest in your Chicago real estate acquisition. As opposed to car insurance coverage, the title insurance premium is a one time payment based on the size of your Chicago property purchase. Also, shop around for title insurance to save income greater spend on your new Chicago property. Happy Home Hunting! check this out