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Closing Protection Letter
By Contributor on October 11, 2019
A closing protection letter is a form of additional title insurance that provides coverage in areas that are not covered by a basic policy.
This can provide protection against losses due to errors or infidelity of the attorney handling the closing or title company agent working on the case.
You need to know:
What lenders hope you never learn about mortgages
Sometimes problems to titles are genuine errors that are man-made rather than having a claimant appearing out of nowhere.
This is usually given to lenders, and can sometimes be offered to insured owners as well.
The absence of such protection would leave a homeowner liable to losses incurred due to the errors of other who are expected to be professionals.
Closing protection letter are not offered by default for every transaction.
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