Owner's Title Insurance when Buying a House

We elected not to purchase it when we bought our house. However, we were buying from an estate, where the parents had built the house in the 1960's. (The house came with all of the original closing documentation, plans, etc, which was pretty cool on its own).

If there is a chance of multiple owners, etc, I'd be more inclined to buy it than the situation we were in. You probably won't need it, but then again, that is what insurance is for.

Like any other insurance - depends on your risk tolerance. I've seen it used but I'm in the business (title atty). I err on the side of purchasing it but I also make money when it is purchased so I could be considered biased.

House construction date, your personal knowledge of the owners and how long they have lived there may factor in a little, but issues could predate them or have come into existence after their acquiring of the property.

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probably half that is straight cash for the title company.

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It's more than that.

Probably not a necessity but $750 is cheap compared to the fallout if there is any question of title on the house.

Considering the house will be a likely six figure purchase it is a small cost in the scheme of things.

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Probably not a necessity but $750 is cheap compared to the fallout if there is any question of title on the house.

Considering the house will be a likely six figure purchase it is a small cost in the scheme of things.

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Yeah if its $750 and he is financing he is buying a house well over 100k.

Edit: I think his quoting the policy premium constitutes a subtle brag.

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I am a title//closing attorney



Get it...$750

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why can't you folks make modest commission off of these policies like the rest of us folk?

Title attorney here

I get title insurance it on every property I buy.

You got to enough conferences and hear the crazy stories that were not discoverable through searching the records and it scares you. Plus, you are also protecting yourself from errors on the part of the closing attorney in checking title.

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Like any other insurance - depends on your risk tolerance. I've seen it used but I'm in the business (title atty). I err on the side of purchasing it but I also make money when it is purchased so I could be considered biased. House construction date, your personal knowledge of the owners and how long they have lived there may factor in a little, but issues could predate them or have come into existence after their acquiring of the property.

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I agree. I am also in the business as a title attorney (same bias may apply), but I always recommend it. I have discovered issues and the people filed claims. But for the insurance, it would have cost quite a bit to resolve the issues.

if your title attorney misses a lien or an ownership interest, you bought the house subject to those clouds. You can sue your attorney for only 3 years after the mistake (in Louisiana.)

i saw a title recently that had a lot number error in the property description in 1995 and 7 transactions took place after the error before anyone noticed.

an owner's title policy might be helpful in that situation.

i have nothing to do with title/RE

but

it's like buying a $1500 tv and using a $5 surge protector. just insanity

a house is probably the biggest investment you'll make in your life. skipping on a sub-$750 insurance plan for it is just insane in MOST cases.