New Home Title Insurance
 

My wife and I just bought a new home in the Pennecamp neighborhood. We are extremely excited. We plan on moving from the Boston area to the villages as soon as humanly possible.

With the purchase of the brand new home we are not sure if we need to purchase the title ins. It is a newly constructed home on a golf course, the name eludes me right now.

Has anyone ever needed to use this type of insurance? We only have a day or two to decide. The closing was today all done by mail.

We just moved down to Pennecamp in Sept from MA. We did not get the title insurance. 80% of villagers do not. We felt if we were on the outskirts or the border of another town we would need it, but we are not. We're originally from Somerville & Quincy but after marriage 33 yrs in Attleboro. How about you? We're on Markridge Loop surrounded by Jacaranda golf course. You? You will love it here. Congratulations!

Not buying title insurance is generally a pennywise and pound folish move IMHO, especially if you do not have a mortgage. A home is the largest single investment most people will ever have . I have be involved with community banks for over fifty years and have seen large payoffs by title insurance companies. Sometimes this takes the form of defending the owner against unjustified claims. The premium is paid once and covers the insured for the duration of ownership. A small price to pay .

Ditto what Challenger said.

It's insurance - pure and simple. A complete waste of money............until something comes up and you wish you had it! :)

What are the chances of such a situation happening? In TV, it's probably slim. But it comes down to whatever helps you sleep well at night.

Me? We'd never buy property and not get title insurance for it.

Bill

Add another one to better safe then sorry! We thought as others, said small price for piece of mind!

Army Guy

Thanks for all the replies. I spoke to the sales rep. He of course could not advise me however he mentioned it states in the deed that the title is free and clear. I guess I was more worried about any border disputes with neighbors but I only have one since all other sides are on the golf course and the street.

By the way Raynan, my wife grew up in the Cambridge/Somerville area. We lived on Line St. in Somverille for a few years before moving to Norton.

I need to get a picture or avatar. We'll do that soon. My wife is constantly on facebook so I need her to get started on TOTV.

Land ownership disputes can come from a wide variety of unexpected sources. When you consider that some of the original survey work in Florida pre-dates the civil war, title insurance is a cheap remedy for what could be an expensive court battle.

We did NOT get Title insurance......Our thought was this was a new home and it was all pasture and farm fields. HOwever what we did get at settlement ...and you have to ask your agent for this.....is a Contractors Sworn Statements to Owner and Final release of Liens. The document i received identifies 30 subcontractors who built my house and all have signed the release and it has been notarized. Again this document has to be prepared in advance to get all the signatures...but The Villages Closing Department will do this!

Mike,

I live off Oak between TPC and NCC. Small world! Just bought a house in Buttonwood.

______

Sorry for the hijack!

I would never go without protecting my property investment by going without the title insurance. It's not unheard of for a property grab to take place for personal gain in the name of ancestorial rights, and I would never-ever trust the courts to protect me from the litigious slight of hand that could ultimately render me bankrupt and homeless!

I couldn't have said it better.

A bit of advice for those who choose not to have title insurance. Don't advertise the fact you have no title insurance. You could be the target for a land grab skyguy mentioned. You are probably spending thousands each year insuring your life, health, car, golf cart, house, etc., so spend a few bucks more and insure your property.

To be fair, I am an insurance guy. I like the peace of mind it provides. It is not that I don't gamble but I like to hedge my bets.

Just closed a few days ago and purchased the owner's portion of the title ins. I already had to pay for Citizens portion anyway since it was mortgaged. The extra amount was about $325. Wrestled with the idea for awhile but went for the peace of mind.

Piece of mind is very comfortible to have. You never have to worry about a Seminole indian making claim to your property. I got the insurance and for what you pay as compared to what your property is worth is a small price to pay. JMHO

Title Insurance Cost
 

It appears the reason some people don't want to buy title insurance is because of the cost. It also appears that there is a huge discrepancy between posters on what they are paying for this coverage. We checked the rates for Florida on the internet and found the following:

$0-$100,00 - $5.75 per $1,000
Over $100,000 up to $1 Million - $5.00 per $1,000

Title insurance for a new home purchased for $250,000 and financed would cost $1325.00. :ohdear:

Steep but worth in it for the peace of mind.

That's about right but most of my cost was forced on me because I mortgaged. About $1000 for their coverage and $325 for mine.