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Alberto Said:

Title Insurance (Owner's) vs (Lender's)?

We Answered:

The lender's insurance is mandatory. You HAVE to get it as a condition of the loan. It ONLY covers the lender's interest, however.

In the early days of a loan you might be able to get away without owner's coverage but if you are putting down a large down-payment you'll definitely want owner's coverage. And if a cloud appears on the title many years down the road -- and it DOES occasionally happen -- you'll wish you had owner's coverage as well.

From the prices you quoted the owner's coverage should include the lender's policy as well. Taking both does NOT double the cost of the policy.

Clifton Said:

My Deed of trust has the wrong property address. Is this covered by the Title insurance?

We Answered:

Property addess on the first page of the deed of trust has about as much weight as the paper it's printed on. The legal description that was attached to the deed of trust is what counts. If that is incorrect, yes, title covers that but just because the printed address on the deed of trust is incorrect does not necessairly mean the deed of trust is on the wrong property, get the legal description checked because if that is wrong, there is a severe issue