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re: Buyer's Title Insurance
Posted on 1/21/17 at 9:20 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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