You’ve just received an acceptance on an offer you placed on a new home, and you could not be more excited. You’re now entering the next phase of the homebuying process - inspections, appraisals, and review of a title search before you go to closing.
While inspections confirm your new home is safe and up to code, and an appraisal ensures the value of the home, a title search confirms you have the legal right to purchase and claim ownership of the home. However, just like you have insurance to protect against any harm that may befall the house physically, you need an owner’s title insurance policy to protect you in case a 3rd party asserts a legal claim against the rights to the land or property.