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In Central Ohio home sellers are required to purchase a title insurance policy for the buyer of their home. The current version of the Columbus Board of Realtors and Columbus Bar Association standardized Residential Real Estate contract has a clause entitled Title Insurance, which reads: "Seller shall furnish and pay for an owner's title insurance commitment and policy in the amount of the purchase price."
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. | |
