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re: Real estate attorneys: is title insurance needed?
Posted on 1/17/14 at 9:43 am to LSU0358
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?
1
Posted on 1/19/14 at 12:10 pm to LSURussian
As far as protection goes protecting from legal action on improper sale of the property at some point.
For instance, where I bought there was a planned golf course back in the 90s. A group of people bought the property, the deal fell through and there were lawsuits involving partners and some banks. I bought the title insurance for that property.
For your situation, I'd say its probably not needed.
If the property is bought from, for instance a nasty divorce, one might want the insurance.
For instance, where I bought there was a planned golf course back in the 90s. A group of people bought the property, the deal fell through and there were lawsuits involving partners and some banks. I bought the title insurance for that property.
For your situation, I'd say its probably not needed.
If the property is bought from, for instance a nasty divorce, one might want the insurance.
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