First of all, one should know the benefits of Title insurance to ascertain whether one really needs this type of insurance. Rusty Solomon is the best person to tell you the various benefits of Title insurance. Is this insurance a very real necessity or is it just an added cost when you are buying or selling a home? You may consider it an additional and unnecessary cost, but having title insurance has its benefits, to the purchaser and to all involved in the purchase of a home like the lender, the seller, the Attorney and even the real estate broker.
The purchaser needs protection against financial loss that may occur due to any defect in the title to the property that is to be purchased. For a modest amount of one-time premium the purchaser can receive the protection of a title insurance policy.