question to TV homeowners

[tlstoyer]

Hi, we are Terry and Tasa Stoyer, we are moving into our New Villa September 20,2013. TV has offered to sell us title insurance. Does anyone have opinions about this?

Can't wait, will be living in the Amber Villas at 852 Sapphire looking to say hi to our new neighbors.

Tasa

[Mallory Voice]

Hi, we are Terry and Tasa Stoyer, we are moving into our New Villa September 20,2013. TV has offered to sell us title insurance. Does anyone have opinions about this?

Can't wait, will be living in the Amber Villas at 852 Sapphire looking to say hi to our new neighbors.

Tasa

Having purchased my first home at age 19, waaayyy back when - always, always purchase title insurance on a piece of property!!
MV
:BigApplause:

[784caroline]

Getting title insurance is a very personal decision... some get it while others do not. The ones that do not get it are paying cash for their home are most likely buying a new home directly from the builder. If you financing a new home, you willl be required (by the bank) to get title insurance to cover at least the portion of money loaned by the lending institution. YOu then also have the option to get owners coverage for your portion of the initial payment made up to the full value of the property.

People who pay cash for a new home and do not get title insurance should ask your settlement rep to provide you a "Contractors Sworn Statements to Owner and Final Release of Lien" statement which will be signed by all contractors who worked on your home and nortarized. This will protect you that there are no Mechanics Liens placed on your property at time of settlement.

For all pre-existing homes (Not New but resale), it would be advisable to get title insurance for there are too many variables to consider. You should know that title insurance is one of the most profitable lines of insurance a company can sell, for the payout ratios are miniscule compared to the premiums paid. That said, you are weighing the risks on when to buy it but statistically, even when the risks would be less in your favor, you are very unlikely to ever use or need this type of insurance.

The decision is yours!

[Cedwards38]

My opinion..........get it. Just like any other insurance, it sure comes in handy if you need it.

[murray607]

Hi, we are Terry and Tasa Stoyer, we are moving into our New Villa September 20,2013. TV has offered to sell us title insurance. Does anyone have opinions about this?

Can't wait, will be living in the Amber Villas at 852 Sapphire looking to say hi to our new neighbors.

Tasa

We bought in February and debated whether or not to buy title insurance. Ultimately, we bought title insurance.

Our thought being, that although The Villages would have bought the property for development in good faith, there is no absolute guarantee that at some point ownership may be disputed by a third party. If it was, it could be a long and very costly legal process that would ensue and there are no guarantees that we could win.

[tlstoyer]

Thank you for your input. tlstoyer

[graciegirl]

and didn't buy title insurance on either. We paid cash for both.

We had purchased title insurance on every other home we had ever purchased.

I feel that Gary Morse and his kids and all those folks who are Sumter Inc. got clear title on the land and don't think he would allow any contractors to put liens on the homes we bought. There are those who do not trust anything the developer does.

We aren't those people.

To each their own.

[leftyf]

Title insurance should be supplied by the seller showing there are on liens on the property at the time of the sale. When you sell the property, it is your responsibility to supply the buyer an up to date title insurance. That way it only required as far back as the last sale. If nobody got title insurance, when someday it is required for a loan, the insurance company will have to go several times the property changed hands to guarantee that there are no liens on the property. This is expensive. I would never buy any property without the seller providing me up to date title insurance and I would never sell without providing my buyer title insurance.