Hillsdale, N.J. — Despite the ongoing crisis in the real estate industry, MyClosingSPACE.com is making its debut in New York, offering residents across the state the ability to purchase title insurance and mortgage closing services directly online.
Traditionally, title insurance is purchased for the homebuyers (or refinancer) by the Realtor, attorney or lender. In fact, a recent consumer survey of the title industry showed that most consumers are not even aware they can actually purchase their own title insurance.
MyClosingSPACE.com is designed to enable consumers to purchase title services online but, in most states, get real-time quotes on title insurance and closing costs as they shop for their home.
Virtually all mortgage lenders require a title insurance policy. Title companies research whether the seller really owns the property free and clear and has the legal authority to sell the property. After this process is complete, the title is examined for liens, judgments or property disputes.
At that point, a title insurance policy is issued that protects a buyer against errors or omissions referred to as “defects” in the title of the property. It is a contract by which a private title insurance company agrees to pay for any loss caused by defects in title.
“By going directly to the homebuyer, we believe myClosingSPACE.com will change the way title insurance is purchased," says Sam Ingram, president of myClosingSPACE.com.
Source: Business Wire
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