What is Title Insurance? Do I need to buy it for a Boston high rise condo?

What is title insurance, and why is it needed?

A title insurance policy insures the status of title of the owner of a Boston luxury condo. Title insurance policies are issued by title insurance companies. The title company contracts with the insured person in the policy to protect against financial loss related to the title, as well as the cost of defending the title in court. The title company searches and examines documents related to the ownership of and items affecting the Boston Seaport condo that your buying prior to issuing a policy. It provides a source of indemnification to the named insured if he or she is damaged by a negligent or bad title search or examination and also from hidden defects that would not be discovered in a title search. For instance, a title defect resulting from a forgery would not be revealed in a search or examination of the public records but would be covered by the title insurance policy. Thereby, protecting you on the downtown real estate property you are about to purchase

Should I purchase title insurance?

If you’re buying a Boston high rise condo with a mortgage, you may not have a choice. Whether you’re buying a Boston condo for sale with a mortgage or cash, I would highly recommend you protect yourself.