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Posted on 1/20/17 at 9:42 pm to SomethingLikeA
If you are going to stay in the house more than 5 years, kind of crazy not to buy it for how cheap it is. It's a one time payment that covers you as long as you live there.
Posted on 1/21/17 at 7:54 am to SomethingLikeA
quote:
Owner's title is optional, but get it. It's one of the cheapest possible insurances you can buy.
Agree. There are very few claims on title policies, but imagine if you have one.
Some nut shows up and files a suit and claims it is his grandpappy's old farm land that he should have inherited blah blah blah. Sounds crazy, but this really happens. I have seen it. Or the neighbor claims that the survey is wrong, or adverse prescription because he has mowed it, or whatever, and he owns the one foot strip on the west side, etc.
You can either go hire a lawyer for $200 to $400 an hour to defend it, or you could turn it over to the owner's title insurance that probably cost just a few hundred bucks for the one-time premium. The title insurance will provide you a lawyer to defend such claims.
I think it is crazy to turn it down, considering how cheap it usually is for residential property.
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