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Originally Posted by skyguy79
What would "their" malpractice insurance back up, that there was no existing documentation available at the time of the title search? That evidence that did exist was not uncovered or discovered prior to the title search? Also, what makes you think that the malpractice insurance company might still be there 20 years from now any more that the title insurance company might not? If I were to bet, I'd bet that the malpractice insurance might cease to exist before the title insurance ever would!
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I agree that it is insurance companies both ways.. but my way there is also the lawyer's research, explanation to me before I close, and the lawyer's deep pockets.. and possibly his firm's deep pockets. It is possible the abstracting company could make a mistake and you'd have them to go after also.
I don't know about the real estate law here... but when I buy, if there is an updated abstract, and a title opinion letter, I will not buy title insurance.
I seriously doubt that out of the 40,000 or so homes in TV now, there has ever been a title problem, other than an unpaid lien that was cured prior to closing.
Do you really think the developer would have bought all this land, built all these houses, all without checking out the title to the land? I would be much more concerned about seller liens than title problems, and with an updated abstract, you should know that before you close.