Title Insurance

cash = yes

mortgage = depends on bank/mortgage co.

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cash = yes

mortgage = depends on bank/mortgage co.

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Correct. And I'll expound a little further:

You can always opt out of owner's. Lender's it depends on the lender. Any large residential lender is going to require it. Some local banks may take a title opinion depending on the nature/maturity of the loan.

When you have to purchase lender's, owner's comes at a much lower rate. I'm just throwing some #s out, but if lender's is costing $800, owner's may only cost like 150.

No conforming lender will not require title insurance. Also, most lender unless a finance co, will require title insurance because of risk. Lender's cover's them, so they all will require it. I know RMC is an attorney, but owner's title is always more expensive than lenders. He may mean that part of the premium is covered under lenders and part under owner's I am not sure. Most people to get owner's on a purchase because of the transfer of title. Most just get lender's on a refi bcause the original transfer is covered. Also, I am not sure, but if you go back through the same title co, there should be a reduction of cost for a refi because they already sold you a policy.

However, no reputable lender, will not require title insurance on a purchse. Too much risk.

I like to live life on the edge

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Why would you want to do such a thing?

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We opted out of ours because we know that the original owners bought the property. Their sons are selling it, so the title is clean. Saved us $1600

its a scam you are buying insurance on the work that you are paying a title company to do. never been a fan of it and i am mortgage guy.

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Now the title company still requires it on their

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A title company never requires a title policy. The lender requires a lender's policy to protect itself.

The title company may recommend the buyer get an owner's policy, but can't require you to purchase one. This recommendation can be based on if the title history was unusual and the attorney thinks there may be a risk. Sometimes, the title can be properly reviewed and their still may be a defect in title.

I would recommend talking to your title attorney to see why he recommends an owner's policy regarding your property.

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its a scam you are buying insurance on the work that you are paying a title company to do. never been a fan of it and i am mortgage guy.

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It's an extension of prescription. If you think that's a scam then so be it.

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We opted out of ours because we know that the original owners built the house. Their sons are selling it, so the title is clean. Saved us $1600

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You are aware that title insurance is there to protect you from what you don't know about the property?
Bastard children popping up claiming they're heirs.
Invalid prior deeds due to duress, incompetence, fraud etc.
Unrecorded easements, contracts, taxes etc
Strange and unlikely as these may be you would spend much more than $1600 defending against a suit even if the claim was eventually ruled in your favor. Will you ever need to use your title policy? Probably not. You probably won't ever need your fire policy either.
And by the way attorneys can only see what is recorded. So even if you appear to have a clean title you may not.

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You are aware that title insurance is there to protect you from what you don't know about the property?
Bastard children popping up claiming they're heirs.
Invalid prior deeds due to duress, incompetence, fraud etc.
Unrecorded easements, contracts, taxes etc
Strange and unlikely as these may be you would spend much more than $1600 defending against a suit even if the claim was eventually ruled in your favor. Will you ever need to use your title policy? Probably not. You probably won't ever need your fire policy either.
And by the way attorneys can only see what is recorded. So even if you appear to have a clean title you may not.

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This.

We are only on the hook for three years for things we should have seen. If a bastard child shows up and screws up your title, you don't have a claim against the attorney, even if it is within three years of closing as it is not something in the public record.

I am a title attorney and I buy owner's title insurance on everything I buy because I have seen a ton of things that can pop up to affect title that are not a part of the public record.