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re: Title Insurance
Posted on 4/30/13 at 3:27 pm to rmc
Posted on 4/30/13 at 3:27 pm to rmc
quote:
Why would you want to do such a thing?
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
This post was edited on 4/30/13 at 4:12 pm
4
Posted on 4/30/13 at 3:35 pm to TigerRob20
quote:
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
You are aware that the title insurance is for the land not the building, correct?
Posted on 4/30/13 at 3:59 pm to TigerRob20
quote:
Now the title company still requires it on their
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.
This post was edited on 4/30/13 at 4:01 pm
Posted on 5/1/13 at 12:33 am to TigerRob20
quote:
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
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.
This post was edited on 5/1/13 at 12:43 am
Posted on 5/2/13 at 2:10 pm to TigerRob20
quote:
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
This is like playing russian roulette with yourself. One of the most common ways title gets messed up is after/during a succession.
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