Step 12 - Title Insurance.
There are two title insurance policies issued upon each real property transfer. The first is the Buyer's or "owner's" policy which is generally paid for by the Seller. The other is the Lender's policy, paid for by the Buyer. It should be noted that the traditional Lender coverage paid by the Buyer is much less expensive than the Seller's title insurance obligation.

Title insurance has many qualifications to coverage, but it basically provides the buyer and lender with insurance on the ownership of the property and all matters pertaining to its past history. Your agent will be able to explain your insurance coverage and give you an estimate of what your title insurance will cost you based upon the purchase price of your property.

> 13. The Appraisal

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