[Susan G]

Question...I am closing on a pre-owned (2011) CYV with one owner and do not wish to take Owner's Title Ins. (line 1103 of HUD-1 Form). Conflicting info from title company rep as follows: (1) she says I "must" buy it (2) she says it is paid for by seller (3) my Loan originator (Regions) confirmed they don't require that I buy it. Is this a local "strong arm" tactic to get more money for the closing firm/atty? I do have title insurance as required to protect lender and that search came back clean.

Closing on Oct 30th...thanks for any info.

[suebanj]

You don't have to have owners title insurance but what does the contract read. If it states that that seller is required to obtain Owners Title Insurance for you I don't know why you wouldn't take it. That way they would issue a simultaneous title policies(owners and Loan policies) and would probably be cheaper for you in the long run.

[Carla B]

Originally Posted by suebanj

You don't have to have owners title insurance but what does the contract read. If it states that that seller is required to obtain Owners Title Insurance for you I don't know why you wouldn't take it. That way they would issue a simultaneous title policies(owners and Loan policies) and would probably be cheaper for you in the long run.

I agree. The seller normally pays for it on a preowned house.

[Susan G]

Thank you both...I will check with my agent and get her to research as all my contract stuff is packed in boxes waiting for my move from the rental to Tamarind. My agent acted like she didn't know, so that is why I took it to the forum. Also, it is clear the closing person doesn't know either as I got conflicting answers from her. If it is paid for, I would be foolish not to accept it. In Louisiana Owner Title Ins is optional ($950) and that is why it showed up on the first blush on my buyer's portion of the HUD-1 form.(My loan is being processed there).

[Carla B]

Is this an agent working for The Villages or an MLS realtor? All they have to do is read the contract to see which box was checked off under "Closing Costs, Fees and Charges."
I looked at the contract on a piece of property we just sold. It appears to be a matter of negotiation between the buyer and the seller.

[Susan G]

Originally Posted by Carla B

Is this an agent working for The Villages or an MLS realtor? All they have to do is read the contract to see which box was checked off under "Closing Costs, Fees and Charges."
I looked at the contract on a piece of property we just sold. It appears to be a matter of negotiation between the buyer and the seller.

Villages realtor. Guess she didn't look at the contract. There was no negotiation between seller and myself. I made an offer, they accepted and contract docs were faxed to me in New Orleans. I will call her tomorrow to look at that line on the contract itself. Thank You