If you’re paying cash for your new house, you won’t have to buy a policy. If you’re purchasing using a mortgage loan your lender will probably require a title insurance policy. Whether you choose to buy the protection offered by the insurance if not required is up to you. In the highly unlikely event that you’d ever need it’s protection to pay fir the legal defense of your ownership it would be too late to purchase the policy .
The title insurance company used by the Closing Department is another business that is owned by the Developer, so the title insurance premium you’d pay becomes part of his profit. That doesn’t say that the title policy you’d buy is defective in any way—it’s probably just as good as one from any other title insurance company. Obviously the Developer, who owns the land that your house is built on, has title insurance protecting his ownership of the property.
__________________
Politicians are like diapers--they should be changed frequently, and for the same reason.
Last edited by Villages Kahuna; 09-04-2021 at 07:23 AM.
|