New Home Title Insurance

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  #16  
Old 01-03-2014, 11:37 AM
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You can also request a letter from The Villages, stating that all sub-contractors, who did work on your home, sign off that they were paid in full.
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Old 01-03-2014, 12:10 PM
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Page 2, item #1 of the contract to purchase a property in The Villages states there is a Warranty Deed issued to the buyer from the seller. In other purchases we have had outside of The Villages, this is recorded at the Court House at the time of closing and mailed soon after.

"Warranty Deed:
An instrument that transfers real property from one person to another and in which the grantor promises that title is good and clear of any claims.

A deed is a written instrument that transfers the title of property from one person to another. Although many types of deeds exist, title is usually transferred by a warranty deed. A warranty deed provides the greatest protection to the purchaser because the grantor (seller) pledges or warrants that she legally owns the property and that there are no outstanding liens, mortgages, or other encumbrances against it. A warranty deed is also a guarantee of title, which means that the seller may be held liable for damages if the grantee (buyer) discovers the title is defective."

This includes, but is not limited to, Sub Contractors.
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Old 01-03-2014, 06:53 PM
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To clarify, the contractor's affidavit signed by all who worked on your new home is entirely separate from title insurance. All the contractors are signing is a form saying they have been paid for their work. Apples and Oranges to title insurance.

The warranty deed you receive at closing from The Villages gives you clear title to the property up to the time of closing, based on all information The Villages has at the time of closing. If someone comes forward the NEXT day and says they have an interest in your property, you have NO recourse back to The Villages. Note, I said up to the time of closing you are covered. The Villages doesn't have that crystal ball to know what could happen in the future and will not guarantee future events. Would you? Be reasonable. And, TAKE THE VILLAGES OUT OF THE EQUATION! They are no different than any other developer, while everyone may think they are. Title insurance is like any insurance, you are glad you have it if/when you need it. The cost of defending your title is VERY expensive and title insurance will pay for all attorney's fees and any restitution needed to be paid. Title insurance covers any human errors (I'm sure we've all encountered human error in business at least once), covers if someone's property was not probated properly and a claim is made, covers if someone signed a document regarding the property and didn't have the right to do so, and many, many, many other circumstances. Title insurance covers the time from the first owner of the property up to you. Sorry to ramble, but I've been in the lending industry waaayyyyy too long and have seen too many instances of title issues that were a complete surprise to the owner. Make a wise decision and purchase the title insurance! After all, why wouldn't you want to protect one of the biggest assets you own - your house! The insurance commissioner for the state of Florida sets the price for the title insurance - no attorneys, developers, sales agents, etc. This is not the time to be cheap. You'll spend more on that new TV and sound system than your title insurance will cost. And, no, I do not own, work for, or have any financial interest in a title company.
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Old 01-03-2014, 08:00 PM
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Originally Posted by villager View Post
To clarify, the contractor's affidavit signed by all who worked on your new home is entirely separate from title insurance. All the contractors are signing is a form saying they have been paid for their work. Apples and Oranges to title insurance.

The warranty deed you receive at closing from The Villages gives you clear title to the property up to the time of closing, based on all information The Villages has at the time of closing. If someone comes forward the NEXT day and says they have an interest in your property, you have NO recourse back to The Villages. Note, I said up to the time of closing you are covered. The Villages doesn't have that crystal ball to know what could happen in the future and will not guarantee future events. Would you? Be reasonable. And, TAKE THE VILLAGES OUT OF THE EQUATION! They are no different than any other developer, while everyone may think they are. Title insurance is like any insurance, you are glad you have it if/when you need it. The cost of defending your title is VERY expensive and title insurance will pay for all attorney's fees and any restitution needed to be paid. Title insurance covers any human errors (I'm sure we've all encountered human error in business at least once), covers if someone's property was not probated properly and a claim is made, covers if someone signed a document regarding the property and didn't have the right to do so, and many, many, many other circumstances. Title insurance covers the time from the first owner of the property up to you. Sorry to ramble, but I've been in the lending industry waaayyyyy too long and have seen too many instances of title issues that were a complete surprise to the owner. Make a wise decision and purchase the title insurance! After all, why wouldn't you want to protect one of the biggest assets you own - your house! The insurance commissioner for the state of Florida sets the price for the title insurance - no attorneys, developers, sales agents, etc. This is not the time to be cheap. You'll spend more on that new TV and sound system than your title insurance will cost. And, no, I do not own, work for, or have any financial interest in a title company.
Well written and factual. I also have been in the real estate lending business for more than 50 years and would not ignor the oppurtunity to purchase buyers insurance.
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  #20  
Old 01-03-2014, 10:02 PM
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Originally Posted by Phanatic Luvr View Post
You can also request a letter from The Villages, stating that all sub-contractors, who did work on your home, sign off that they were paid in full.
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Old 01-03-2014, 10:15 PM
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can you purchase title insurance a few years after closing?
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Old 01-03-2014, 11:51 PM
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can you purchase title insurance a few years after closing?


According to Zillow you can only buy it at closing, sometimes according to some there is a possibility also if you are refinancing.

Title Insurance for the Buyer - Zillow

he Title Search. In other words, nobody wants an unpleasant surprise after the settlement. ... The only time you can purchase insurance is at closing.
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Last edited by KeepingItReal; 01-04-2014 at 08:53 PM.
  #23  
Old 01-04-2014, 09:50 AM
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Quote:
Originally Posted by Challenger View Post
Wikipedia has a complete explanation of The Title Insurance Industry and their products.

Search "Title Insurance" = Long article, which will explain why buying from a great developer doesn't protect aqainst claims that may date back 100 plus years.
We paid cash for our property, but we still bought the insurance. Was inexpensive and we got peace of mind in return. To each his own!
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  #24  
Old 01-04-2014, 06:15 PM
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Originally Posted by KeepingItReal View Post
According to Zillow you can only buy it at closing, sometimes accoring to some there is a possibility also if you are refinancing.

Title Insurance for the Buyer - Zillow

he Title Search. In other words, nobody wants an unpleasant surprise after the settlement. ... The only time you can purchase insurance is at closing.
Interesting. Our first adjustment (at the end of three years) should be in Feb. We may end up re-financing.
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