Quote:
Originally Posted by Challenger
Even with new properties in the villages, title defects can be more than 100 years old, long before Mssrs Scwartz or Morse were in the chain. In fact claims preceeding the last owner are less acertainable and there is no statute of limitations. The title company is on the hook no matter how old the defect or who screwed up. If a defect is found later after your purchase , the property may become unmarketable.
Disclaimer: I am not a title atty, agent nor have I ever owned or even worked for a Title insurer
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Earlier you stated the fact you had more than 50 years of community bank experience primarily in Real Estate leading one to believe you had experience in dealing with Title Insurance. I asked for specific examples of where, in your 50 years of experience, did a Title Insurance compay pay a valid claim and what were the citrcumstances. Your reponse quoted above was as general as a sales pitch. Title insurance companies use scare tactics in getting homeowners to buy its insurance but in fact it is one of the most profitable businesses around with minimal payouts .
That said I would NOT buy title insurance if I were buying a new property directly from The Villages, but I would however seriously consider buying Title Insurance if I were buying a resale property from an individual owner. Its all based on your risk tolerance