Owner's Title Insurance
 

What did you do about Owner's Title Insurance at closing? It's expensive, over $2,000.00 and I really don't want to blow the money if it's not necessary. I know the Lender's Title Insurance is required but what could go wrong that I would need the owner's insurance? I'm sure the developers has clear title to the property they're selling, so do I need it? Thanks in advance, many of you are very wise and I know I'll get good guidance!

I'd get it. A lawyer makes a mistake somewhere in he long history of your property, and you spend years in court and maybe lose it all. Spread that 2 grand over the life of your mortgage or the life you live on the property and it looks much cheaper. Insurance is always "blowing money" until something happens that you need it. I'd get it.

We didn't get it here...for the first time. Always did before. See other thread. Why are two revived on same subject. Is someone selling title insurance?

I bought the title insurance 3 months ago just to be on the safe side.

I thought that the seller supplied the title insurance to the buyer.

Who pays?
 

I thought the seller furnished title policy to the buyer

It is NOT $2000 it is $7-800 and $300 more for both the bank & U.

Don't think about it, get it

Think its necessary on a new build, in a development as big as TV? If the title to a lot from a developer as big as here don't you think we have a bigger problem?

That's what I thought I paid as well. Something around $725.

In the past I never purchased full title insurance, just the and so I would have a basis for suithouldthe problem arise. This time, I did. The lenders insurance is ubstantially discounted if you buy owners HO title ins.
TO make a long story short, we bought title insuranc, it cost us $200 more than no insurance.
A rip, yes, but ...
Check with your mortgage guy.

It's like any insurance....worthless ....unless you need it. I wouldn't take the risk, but that's me.

We got our first estimated closing costs and noticed the bank's cost was also paid by us which is pretty much standard. We also noted that our fee was included so I asked that it be removed. When we got the final estimated closing costs the bank's fee was much higher. I was told since we are not getting our side the bank title company charges more to the bank. When we saw how much more we had to pay if we didn't get our side we decided to get it.

It's called simultaneous coverage, always less.

I laugh when someone balks at title insurance, you pay so many other fees without a choice.

You're protecting a big investment.

Jimbo2012 I have the closing worksheet in front of me and Owners Title Insurance is $2210 and Lenders Title Insurance is $271...I pay both. That is a far cry from $700!

Why such a spread
 

Why such a spread difference between the Lenders Title Insurance and the Owners title Insurance? I'm sure Spectreron you are correct as you are looking at the numbers----I must be missing something. I understand that the Owners policy would cover 20% more (assuming 20% down) but this seems more than usual to me. The Owners policy would also be lifetime but the lender policy 20 or 30 possible years. It still seems low risk for the insurance company. A rip off in my opinion. :boom: Insurance Co. Wins again!