Title Insurance

yes. like any other insurance. Seems like a lot of money til you need it.

Like the others implied, usually it's just throwing away money. Unless, of course, it isn't. From what I understand it's unusual but it does happen from time to time, which is why most mortgage lenders require it even for a refinance.

For example, the seller might have had major remodeling done on the property and failed to pay the contractor, so the contractor puts a lien on the property to make sure the owner can't sell the property and move to the Cayman Islands.