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Buyer's Title Insurance
Posted on 1/20/17 at 6:17 pm
Posted on 1/20/17 at 6:17 pm
My son is buying his first home.
The neighborhood is only 10 years old. The house is 8. It is being sold by the original buyer.
I suspect title should be pretty straightforward.
My inclination is to decline the buyers side of the title insurance. I have done this on many purchases. Maybe I've just been lucky.
Comments please.....
The neighborhood is only 10 years old. The house is 8. It is being sold by the original buyer.
I suspect title should be pretty straightforward.
My inclination is to decline the buyers side of the title insurance. I have done this on many purchases. Maybe I've just been lucky.
Comments please.....
6
Posted on 1/20/17 at 6:45 pm to ItzMe1972
So you would get regular title insurance and skip the shortages coverage? Get the original owners survey and a plat of the section and compare to deed, metes and bounds.
Posted on 1/20/17 at 7:30 pm to ItzMe1972
Its not just the fact that the older the house, the more title issues there are likely to be. It also protects against things like a scumbag seller that sells to another person the same day and that other buyer beats you to the courthouse to file.
Like any kind of insurance, it's just a gamble. If you can stomach the risk, go for it
Like any kind of insurance, it's just a gamble. If you can stomach the risk, go for it
Posted on 1/20/17 at 9:08 pm to ItzMe1972
Lender's title is required.
Owner's title is optional, but get it. It's one of the cheapest possible insurances you can buy.
Owner's title is optional, but get it. It's one of the cheapest possible insurances you can buy.
Posted on 1/21/17 at 10:35 am to ItzMe1972
I have a friend who bought a house in a small subdivison in BR about same age as one in OP. Turned out a couple years after he bought it that a descendant of the original property owner made a claim based on an alleged inproper succesion. All of the homeowners ended up puting up money (less than 1k each) to settle and not have thier titles tied up in court for years or risk being forced to move.
Stuff like this happens more than you think.
Grandma dies with out a will. Family sells the land to a developer. The black sheep of the family who was a hard to find Meth head pops up ten years later and hires an ambulance chasing attorney to try shake everyone down.
Stuff like this happens more than you think.
Grandma dies with out a will. Family sells the land to a developer. The black sheep of the family who was a hard to find Meth head pops up ten years later and hires an ambulance chasing attorney to try shake everyone down.
This post was edited on 1/21/17 at 10:36 am
Posted on 1/22/17 at 8:57 am to ItzMe1972
When financing a home, a lender/title company will quote you a simultaneous lenders and owners policy, so the lenders part is discounted. If you decline owner coverage, the lenders coverage reverts back to the standard rate. The savings between the two is usually a couple hundred bucks, depending on loan size. It is silly not to get it.
Posted on 1/23/17 at 11:57 am to ItzMe1972
you are required to have min lenders title insurance (based off loan amount), owners title insurance is optional (covers full purchase price), owners coverage is just a few hundred bucks more. if you get owners, on next purchase or refi, you get some discount at your next transaction.
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