As a former banker for 37 years and mortgage lender, I would NEVER invest money in a home without buying a owners title insurance policy. Even if you are paying cash, you become the bank! If the bank or lender requires it to protect their investment, why wouldn’t you? I built one home here and I bought a resale. The Villages lawyers fought me on using my own real estate attorney in Gainesville to the point that they wanted to withhold the keys till the next business day after the money was wired in to their account. My attorney won that battle. On both purchases, I did due diligence, just like a bank does....survey, owners title insurance policy, appraisal, termite inspection and home inspection. If or when you decide to sell this property, you will have to provide one to the buyer. You will get a reduced price if you had the title search done when you purchased the property. I recently sold the house I built (new construction) and I was asked to provide, if I had them, a title policy, a survey, and a termite contract on a cash sale. They used these to get simple updates to them as new owners and we closed in 10 days. I gave copies to their realtor and the only pending issues were a home inspection and appraisal. Never say never to title issues. I have seen them in my career. And, more than you want to know about, with people not getting a proper survey. Seems like a small expense for peace of mind when you think about the purchase price of a home. Hope this helps future buyers and sellers, but in the end, it is each person’s choice. Last, but, not least, do you really want The Villages to represent you as both a buyer and a seller even if it is new construction?
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