OWNERS TITLE POLICY

When our sister passed, myself and two other siblings inherited her estate which included her home. The home recently sold and the closing statement includes a fee of $868.00 paid to our attorney for “Owners Title Policy (Agent Premium)”.

As sellers was this type of policy necessary?

Terry Says:  Title insurance protects the homebuyer, making sure that the home they are purchasing is free from any claims or debts of the previous owner.  It is a natural part of the transaction.   The wording is a bit misleading –unless the attorney made a commission on the insurance policy!  I’m quite sure that is not the case.  But likely, the attorney advanced the costs of the title search and the sellers (you) repaid that cost out of the sale proceeds.