Quote:
Originally Posted by NavyNJ
Uhh....I think you might be the confused one on this. A "Lender's Policy" when discussing Title Ins. is not at all the same as "Private Mortgage Ins." or PMI. The former insures the Lendor's interests in the event there is a challenge to the property TITLE; the latter insures the Lendor's interests from Mortgagee's default when less than 20% downpayment is made on the property.
And, for the record, Su2009 has supplied the most accurate and on point argument for always taking out Title Ins., regardless of who one is purchasing from.
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I have never heard of an attorney who has signifigant experience in real estate law recommend that a buyer forgo Title Insurance. Sevral have posted or been quoted on this thread and their comments strongly support purchase.