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re: Real estate attorneys: is title insurance needed?
Posted on 1/17/14 at 9:31 am to LSURussian
Posted on 1/17/14 at 9:31 am to LSURussian
It depends. How much is being put down on the house? If its a situation with 2-5% down, paying 800 dollars (a couple thousand is excessive for title insurance) to protect 5000 dollars is not worth it. If someone puts down 80000 plus on a house, 800 dollars to protect 80000 could be worth your while.
1
Posted on 1/17/14 at 9:43 am to LSU0358
quote:100%.
It depends. How much is being put down on the house?
As I wrote earlier, it's a cash sale, for $340,000.
quote:But that's my point: protect me from WHAT?
to protect
FWIW, I researched the previous owners and learned they were both professionally employed in management-type positions at their employers, both with advanced college degrees, no children, were the only owners of the house since it was built in 1991, and they owed no debt on the house. It was paid for free and clear.
In speaking with one of their former neighbors (yes, I knocked on the neighbor's door and asked him about the current owners of the house), he said they were great people, no "neighbor issues" in all the years they lived next door to him and he really hated to see them relocate out of state because of one of their jobs.
I believe those circumstances indicate a slim chance of any liens being on their property. Does that make sense?
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