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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The lender will require that you protect thier interest( the balance of the loan). You will be asked and required to sign off if you do not use owners covrage( protects your interest i.e.downpayment and equity buildup over ensuing years)
For a few hundred dollars more , your interest is protected for the duration or your ownership. I was in community banking for 40 years, financed thousands of homes and have seen many claims some of which were bogus and required owners to pay thousands to defend. Title insurance paid these costs.
Have owned 9 houses and bought owner's coverage on all. Please read previous threads TOTV
