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- You may choose the title company you
want. You are not required to use a title company selected
by a real estate agent or lender.
- All title companies charge the same rates
set by the Texas Department of Insurance.
- Read your policy. It gives the legal
description of your land, tells how to file a claim and
describes your coverage, including limitations, exclusions,
exceptions and special conditions.
- A title company must defend your title
in court, subject to certain limitations, and, if loses,
the company pays covered losses up to the face amount of
the policy. Your title policy amount is the sale price of
the property plus the cost of immediately planned improvements.
- A title policy DOES NOT guarantee (1)
you can sell your property; (2) you will not lose money
if you sell it or (3) you can borrow money on it. Your title
policy covers only actual losses up to the policy amount
in force at the time of a claim. The policy amount is the
sale price of the property on an owner’s policy and
the principal amount of the loan on a mortgagee policy.
It does not cover increases in value unless you buy an “Increased
Value Endorsement”.
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