Quote:
Originally Posted by dsnrbec
We just found out that title insurance is required by most, if not all, lawyers and settlement companies around The Villages. I don't see the need for it since The Villages purchased all the land and I'm sure did their due diligence in the purchase. Does anyone else think it's a way to collect thousands over and over again each time a property changes hands? If you know anyone who will do a closing without it, please let me know.
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I wish I had an answer other than there are so many residents involved that I have to wonder why every individual continues to pay for this high priced "policy" when there is more than one forum for all involved to attempt to stop it. I also wonder if residents have tried in the past. Years ago I had the option to skip this non-insurance. Today you cannot just have your bank do the closing. They insist on selling you the policy instead. Greed.
I have purchased 2 houses this year and am selling 1 at the moment. I am faced with paying again for a policy to sell a house I titled 6 months ago, albeit at a reduced fee. My question has been has ANYONE ever heard of a homeowner collecting on a policy when there was an error on the title? Never. I don't believe I'd spend the anguish to try. So besides the fact a title here almost has to be clear (unless you installed something partially on your neighbor's property)it's misleading to market as an insurance policy. dB