Seller shall furnish Purchaser a Preliminary Report for a Guaranteed Certificate of Title, a Commitment for a Title Guaranty, or, if requested by Purchaser, a Commitment for a Title Insurance Policy. Seller shall pay the cost of a Title Guaranty or Guaranteed Certificate of Title and Purchaser shall pay the difference, if any.
A title insurance policy ensures the buyer and his or her lender that the property is legally yours to sell and is clear of anything that might jeopardize ownership such as prior liens, judgments, or claims that may have been brought against the property due to errors in public records, hidden defects not disclosed by public records, mistakes in the examination of your title. A clear title ensures the buyer that your home is clear for resale.
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