Quote:
Originally Posted by retiredguy123
You may be confusing a title search and guarantee of clear title with a title insurance policy. Yes, the seller pays for a title search, but a title insurance policy guarantees a clear title for as long as you own the property. It would make no sense for a seller to buy a lifetime title insurance policy on a property that they do not own. Once they sell the property and get their money, why would they need a title insurance policy? Typically, sellers do not buy title insurance, but they do pay an attorney or a title company to do a title search. This is a one time process to make sure that a clear title is transferred to the buyer. It is not a title insurance policy.
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I think you might be confusing the laws in the state you moved from with Florida.
I'm sorta up on this, being the paranoid investor that I am, and having done four house deals since January. I suggest you pull out your closing statement on your Florida house and see which column the title charges are in. Oh, they'll certainly offer you an "Owners" title policy, but yours is optional -- the seller's isn't. Why should he buy insurance for a property he doesn't own? Because he's required by law to guarantee that he has a marketable title.
But it depends on what state you're in. When I lived in Oklahoma, "Title Search" was something the BUYER did to make sure he wasn't buying a pig in a polk. It was completely "buyer beware". I'd never heard of title insurance until I moved to Texas.