Title insurance

[jimbo2012]

First I was told I need my own seperate policy about $1100.

Now BB&T tells me I should request a "simultaneous issue of an owners policy" that would cost us less than $500.

Anyone have input on this??????

[gomoho]

ask you closing attorney which provides the protection needed

[suebanj]

Are you purchasing a new or resale?? If you are buying from The Villages, you would have to pay for the entire title policy. If you are purchasing a resale, the "norm" in Florida is that the Seller pays for the Owners Title Ins Policy and then you would pay for the Simo Lender Policy which runs $25 plus any endorsements the bank might require..

Hope this helps!

[asianthree]

Just closed new and refused the title insurance for the second time

[jimbo2012]

New

Here's the deal as explained to us,

Owners policy is optional
Lenders is required.

If you opt out of owners U pay $950 for lenders policy

If U take lenders & owners together it's about $1350,

So for less than $400 you are covered, now id down the road you want to sell without your own title insurance it may become an issue.

IMO not to spend less than $400 to get full title protection on this size investment is not warranted.

A no brainier, but if you don't ask about "simultaneous issue" you can pay about $1000 for each or $2k...

That's my understanding.

[graciegirl]

Just closed new and refused the title insurance for the second time

We did the same both times, but we didn't have a mortgage and I bet you didn't either.

Mortgages must require title insurance.