Quote:
Originally Posted by chiefrose
During our final design meeting TV had advised us that title insurance wasn't necessary as they affirm that there are no liens on the property or building. Now while filling out the closing documents there is a page where they recommend title insurance and you must sign off if you want to accept or decline the insurance. I would appreciate knowing what others who have gone before us have done. Thanks.
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My wife and I recently (40 days ago) purchased a new home in the Villages in Fernandina and had a similar suggestion by The Villages staff when arranging the down payment and purchase contract. Of course when we received the preliminary closing package it had the same page you referred to in it. Being a banker myself, I consulted with a real estate attorney we use at my bank and he still urged me to spend the relativley small sum to obtain the title insurance. while a claim is not likley to be initiated by you due to a title defect, there are occasions when issues come up. If you are financing the purchase, it is almost certain your lender/bank will require it. My opinion.