I purchased Title Insurance for mortgage in 2006, now refinancing…am I required by law to purchase title insurance again?

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I purchased Title Insurance for mortgage in 2006, now refinancing…am I required by law to purchase title insurance again?

Asked on June 24, 2009 under Real Estate Law, New York

Answers:

M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

Title insurance is normally purchased at the same time as you buy your home.  It insures you, the buyer, against certain defects in the title such as that the seller really didn't own the property or that there were hidden mortgages or tax liens or that the boundaries weren't as specified.  If you get a mortgage as part of your purchase, or in your case refinance, chances are the lender will insist that you get title insurance, indeed there is a special form that specifically protects the lender. 

However, do you need title insurance to protect yourself?  Unless specifically required by your lender, you don't need title insurance any more than you need homeowner's insurance, but you'd buy if for peace of mind - just in case.  Title insurance gives a unique form of protection that insures you actually own your property, free and clear of  any impediments.


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