The purpose of title insurance is to ensure the buyer or lender for the property against unknown defects in the title. Whenever you buy or sell a home, you incur costs to have the title searched.
But, if you plan to sell the home in less than two years, the title binder will serve as a costing saving tool to you. If you plan on staying in your home for more than two years, have no intention to flip your home or don’t foresee plans for frequent relocation, you most likely do not need to worry about a title binder. This is a great question! The easy answer is to ask yourself the following questions: “How long do I plan on keeping this property?”
Regardless of how it’s referenced, it is a commitment to issue a title policy. A title binder is often referred to as an interim binder.A title binder is an important concept you should be familiar with so that you can save money if plan on selling your home within two years after purchasing it.Why? Because a title binder is NOT an actual binder where you would house notes related to buying or selling a home. This topic is often a confusing topic for home buyers and sellers alike, and it’s no surprise.
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