Quote:
Originally Posted by Blueblaze
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.
|
I purchased my house from the developer. The only title insurance policy purchased at that time was my owner's policy that I paid for, and it was optional. I have sold houses in several other states. As a seller, I never bought or paid for a "title insurance policy" either for myself or for a buyer. But, as a seller, I always paid the title company or the closing attorney to do a "title search" to examine the title for any defects. I understand that the title search is a process where you are paying for the attorney's expertise to examine the title. The attorney is responsible for his/her work and could be sued, but they are not providing an ongoing insurance policy in the case where a mistake or defect may be discovered in the future. I know that some states have different requirements.