The Importance of Title Insurance When Buying a Home in India
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Contents
- Frequently Asked Questions
- 1. Can I transfer title insurance to a new owner if I sell the property?
- 2. How long does title insurance coverage last?
- 3. Does title insurance cover both new and resale properties in India?
- 4. How much does title insurance typically cost in India?
- 5. How does title insurance differ from other property insurances?
- 6. What should I do if I face a title dispute after purchasing property without title insurance?
Frequently Asked Questions
1. Can I transfer title insurance to a new owner if I sell the property?
Ans: Title insurance is usually non-transferable, meaning it cannot be transferred to a new owner if you sell the property.
2. How long does title insurance coverage last?
Ans: Title insurance coverage typically lasts for the duration of the homebuyer's ownership of the property.
3. Does title insurance cover both new and resale properties in India?
Ans: Yes, title insurance covers both new and resale properties.
4. How much does title insurance typically cost in India?
Ans: It typically costs 0.5% to 1% of the property's purchase price.
5. How does title insurance differ from other property insurances?
Ans: Title insurance protects against legal disputes over ownership, while other property insurances cover physical damage or loss.
6. What should I do if I face a title dispute after purchasing property without title insurance?
Ans: It is recommended that one should consult a property lawyer and gather all related documentation to explore legal options.
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