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re: Buyer's Title Insurance
Posted on 1/21/17 at 7:54 am to SomethingLikeA
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.
2
Posted on 1/21/17 at 8:09 am to Twenty 49
Posted on 1/21/17 at 9:20 am to Twenty 49
We just purchased a lot and title insurance was purchased for that transaction.
We are building a house on the lot and about to close on a construction loan. The title company told me that for the construction loan it's only $50 for "the binder" and we would need to buy the ~$850 lender title insurance for the end loan.
Does that make sense? What if someone makes a claim on the land while the house is under construction? If that happens, it looks like the bank's construction loan would be at risk.
We are building a house on the lot and about to close on a construction loan. The title company told me that for the construction loan it's only $50 for "the binder" and we would need to buy the ~$850 lender title insurance for the end loan.
Does that make sense? What if someone makes a claim on the land while the house is under construction? If that happens, it looks like the bank's construction loan would be at risk.
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