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Title insurance
Buying brand new construction in Citrus Grove and was wondering if I really need to spend $1232.00 on title insurance?
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I purchased title insurance when I bought a new house, but it is optional and the risk of having a title issue is probably pretty low. But, the insurance will cover you as long as you own the property.
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If you have a mortgage your bank will insist on a policy protecting them. |
it's the same as any other insurance you buy....you hope that you never have to use it
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Paying cash....your option. Getting financed....not so much
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Awfully big risk not to buy even though chance of using it minimal
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When buying a house for cash, keep in mind that makes you the bank. Therefore, it is wise to do what a bank would do.
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Title insurance
Thank you everyone. The bank is not requiring I get it but like some have said here for peace of mind I will be getting it. Like any insurance policy, you hope you never need it but if you do you are glad you got it.
10 days and counting till we close in TV. Excited and nervous. |
Seen a few posts on here where people have needed it. Not worth the risk of not having it. Like health insurance, I would be afraid to walk down the street without it.
:bigbow::bigbow: |
Only one payment for protection until you sell. Good insurance.
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First off the rates are set by the state so it's quite reasonable for the risk reward ratio. Secondly I believe and please correct me somebody if I'm wrong it will also help protect you in case you're lot lines are off and you get sued by your neighbors. I've seen this happen before for someone build something two feet over The line
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I thought it was crazy too when we bought new. A pre-owned home makes more sense, but we wrapped it into the closing costs anyway....done.
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[QUOTE=Stu from NYC;1998659]We bought. What happens if the Citrus Grove Indian tribe suddenly claims they own the land and they win their case.
You sue the seller ie. The Villages. I'm pretty sure that they are collectable. |
[QUOTE=mikemalloy;1998841]
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IMHO title insurance is right up there with annuities and whole life insurance policies dumb and dumber….anyone can go do a title search at the courthouse…..or even online
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If you’re paying cash for your new house, you won’t have to buy a policy. If you’re purchasing using a mortgage loan your lender will probably require a title insurance policy. Whether you choose to buy the protection offered by the insurance if not required is up to you. In the highly unlikely event that you’d ever need it’s protection to pay fir the legal defense of your ownership it would be too late to purchase the policy .
The title insurance company used by the Closing Department is another business that is owned by the Developer, so the title insurance premium you’d pay becomes part of his profit. That doesn’t say that the title policy you’d buy is defective in any way—it’s probably just as good as one from any other title insurance company. Obviously the Developer, who owns the land that your house is built on, has title insurance protecting his ownership of the property. |
title
I did not new if a problem comes up I and a bunch of people will sue The Villages - I did used
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As one Lawyer once said to me....'How many times do we have to invent the wheel'????
You're buying from the Builder......how many lawyers have work on this transaction.??? Your recourse would be to the builder....do you think they are going out of business any time soon????
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I have a Lawyer friend who told me he started a Title Insurance Company because it was like taking free money. The premiums far exceed the rare cases of Title Defense. He said if you actually read the fine print (which no one does) just about every conceivable thing that could happen is excluded.
Then there is the ultimate lawyer weasel clause that specifically states that anything that the Title Company could not have known is excluded. It is actually very easy to do a Title search yourself going pretty far back. But yes, Indians, squatters, Spanish Explorers could come back and claim Title. |
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If I am wrong, somebody here will tell me. I hope. Boomer |
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And, based on the amount of money spent on television advertising for auto insurance, I think that is probably a lot more profitable then title insurance. |
Many, many years (more than 40) in the lending and closing business. I bought my house here for cash and didn’t buy title insurance. Felt it wasn’t really necessary since there has been nothing here for eons except cantaloupes and watermelons. I have not ever known of an instance where title insurance is needed. Prior ( and in this case, none ) transactions can be corrected. I used the money that would have gone to it to have the inside painted, etc.
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If it's a new house in The Villages, your risk in infinitesimal, and the reason it's so high is because it's just another Villages revenue source, through The Village's own title company. I wouldn't buy it if there's not a mortgage company demanding it. The SELLER is supposed guarantee their title, not you. If you were buying a used house in The Villages, THE SELLER would be the one buying the title insurance, and I don't understand why a developer gets away with shifting the risk to you.
Title insurance is like any other insurance, though. If it helps you sleep at night, go for it. Personally, I only insure against hazards that have a measurable risk that I can't afford to absorb. At my age, there aren't many of those left beyond homeowner's and automobile liability. |
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I sold my house last month and no issues as it was a cash buyer as well. |
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title insurance
total ripoff
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When a mortgage company demands a title insurance policy, it is a lender's policy that does not protect the buyer. You would need to buy a separate owner's policy to do that. |
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[QUOTE=retiredguy123;1998847]
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Title Insurance
The bank (if the property is financed) will require it to protect themselves. An owner's policy is usually a bit less but, in my opinion, is very important. We owned a property up North for 30 years and found out during a re-finance, years after the original purchase, that the boundaries were off by a few feet. The original title examiner had missed it. The title insurance took care of everything and the re-finance was not held up at all.
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Title insurance covers what is not recorded. Title insurance is used in only 3 percent of all the real estate transactions nation wide. Buying in a sub division the risk is minimal.
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But you can buy insurance for anything you want. The title company will certainly offer to sell a policy to the buyer. The question is, do you need it? I guess if I lived in a universe where sellers don't have to guarantee their title, I'd buy an owner's policy, too. |
Yes , it is necessary!
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