Closing costs
Looking at a list of estimated closing costs on a new patio villa in Hawkins. One of the fees is Owners Title (Optional). Can someone explain the need for this on a new never occupied home? Looking at $7,178 in total closing costs and that doesn't include prepaids and reserves. I'm not locked into this lender yet and am definitely shopping around. Thanks for your help!
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Would think it is title insurance for the land and would cover you.
Financial institution will want title insurance but that will only cover the balance of the mortgage no protection to you. |
I always buy the owners title insurance, but some people think that it is not needed for a new house.
It will insure that you will have a clear title forever. |
Have 5 new homes here , there is no need . I know many people on there second and 3rd née home none took it
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We opted out of the Owner's title insurance. Of course the lender's policy ($2400) was not an option. My thought on the Owner's coverage was that it was not necessary considering the house was new construction. The Villages development company purchases vast amounts of agricultural land to build on. There is due diligence performed on title search of that land because any future claim to title of that land would not only effect the individual homes built, but also the rec centers, golf courses, trails/roads and any other amenities.
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You don't need title insurance on a new dwelling.
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A claim from a distant heir can get expensive to defend |
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You can shop around and probably get costs for a little less, but you have to realize that closing costs are a wat to basics steal money for the organizations that you pay. They’re a joke no matter who you go with
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Rolling the dice
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make a claim to build a casino. just saying |
In the absolute worst case scenerio, which is unlikely, you could be asked to leave your home. The lenders coverage would pay off your home loan. If you did not choose the owners title you would walk away with $0.00. Equity is gone. So....i agree it rarely ever happens, am i willing to lose my entire equity for $200-300 policy...? It is a one time fee, and covers from the day of closing backwards in time. As you make payments the lenders exposure goes down while your exposure goes up.
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Actually it is FL law that the owner of the property must give a free & clear title, however, TV passes this cost on to the consumer. One of the many deceptions we discovered about TV.
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Title Insurance
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