One of the most time-consuming parts of owning a home is choosing to sell it. There are a number of steps to successfully sell one’s home, all of which require time, careful research and planning.
If you’re about to transfer your home’s title, you might find yourself wondering if your title insurance policy is also transferable. This depends entirely on the state you live in. As your North Carolina title insurance experts, we have the answer:
Title Insurance is Not Transferable in North Carolina
According to the North Carolina Department of Insurance’s Consumer Guide to Title Insurance, you cannot transfer your owner’s title insurance policy to the home’s new owner.
If the new owner of the property wants to be protected against any issues with the title, they will need to purchase their own title insurance policy.
However, as the property’s one-time owner, you may still keep your owner’s title insurance policy even after you’ve sold the property. This may protect you from any issues that come up in the future.
Can I Transfer My Title Insurance to Cover a New Property?
Once you purchase a new property, you will need to obtain a new owner’s title insurance policy to protect its title.
This is because you’ll have to complete a new title search for your new property. In addition, the new policy’s premium price will depend on the market value of the home.
Do I Need Title Insurance for Every Property I Purchase?
While having an owner’s title insurance policy is not legally required, it will protect you in the event of any issues with your title.
That’s why we recommend taking out a title insurance policy for every new property you purchase. Since your existing policy cannot be transferred, it is imperative to protect your new investments.
Interested in learning more about the title insurance policy process? Contact us today to to obtain your own owner’s coverage policy.
Tryon Title Makes All the Difference
At Tryon Title, our experienced staff of underwriters and title insurance providers are here to help. Allow our team to provide you with accurate and reliable results in no time. In fact, our underwriters can deliver a final policy within 24 hours.
If you’re searching for a title insurance policy in North Carolina, please reach out to us today for a consultation.