Lesson 6 · Home Closing Insurance · For sellers · General
How is home closing insurance different from title insurance?
The short answer
Title insurance protects ownership: liens, survey issues and fraud on title. It does nothing if your buyer delays or defaults between the firm offer and closing day. Home closing insurance covers that gap: carrying costs, legal fees and the re-list shortfall, up to 20% of the sale price to a maximum of $250,000, depending on the coverage selected.
Key facts
- Title insurance
- Ownership: liens, survey issues, fraud on title
- The gap
- A buyer who delays or defaults between firm and closing
- Home closing insurance
- Carrying costs, legal fees, re-list shortfall
- Limit
- Up to 20% of the sale price, max $250,000, depending on the coverage selected
- When you pay
- Not until the deal is firm
Transcript
Read the full transcript
How is home closing insurance different from title insurance?
Different products, different jobs.
Title insurance protects ownership.
Think liens, survey issues, and fraud on title.
It deals with problems in the property's legal history.
But when your buyer delays or defaults between the firm offer and closing day, title insurance does nothing.
That gap is exactly what Home Closing Insurance covers.
Carrying costs, legal fees, and the shortfall if you have to re-list for less.
That's up to 20% of the sale price, to a maximum of $250,000, depending on the coverage you choose.
Two products, two jobs.
And you don't pay until the deal is firm.
Get a free quote in minutes, at securemyoffer.com/quote.
Summary only. Coverage, eligibility and conditions are governed by the policy and surety documents. Questions about coverage? Talk to a licensed broker at 1-833-766-2329.
