Quote:
Originally Posted by Pat La Rosa
Who ever does the closing they will recommend you buy Title Insurance. Waste of money if you are paying cash. Does anyone really think that there are liens against this particular piece of property? When I was building and the buyers were buying a home from me and were paying cash I always told them not to spend $1,500 to $2,500 for Title Insurance because my Title Insurance Co. showed no liens on the property. If there were the bank would want those liens paid before releasing funds to build more houses. I am sure the Billionaire Morse Family is not in trouble with money. Finally, all a lawyer will do is read what the Title Companies search shows him and that is "There are no liens on this property".
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Title insurance is not just about liens. A buyer's title insurance policy will protect the buyer against title defects for as long as they own the house. I once bought a house where the attorney doing the title search discovered that the house had been sold many years earlier by a woman who only had joint ownership with her divorced spouse. She signed the deed, but her ex-husband had never agreed to the sale. The attorney said that this was a title defect that would have been covered by title insurance. I am not saying that title insurance is always worth the cost, but it can provide some peace of mind.