[rubicon]

Originally Posted by downeaster

Just because title insurance was purchased when I bought my home doesn't mean I can assure a buyer the title is still clear. The buyer will want third party verification (title insurance) because there could be claims on my home subsequent to my purchase.

Title insurance is not a guarantee there are no existing claims. It insures you against any claims. The title insurance companies go to great lengths to to make certain there are no claims.

I was an agent/broker in Florida some years ago and, frankly, I can't remember who "customarily" pays for the title insurance.

spot on there can be liens filed by contractors, etc and so just because its new doesn't mean a thing

[tommy steam]

Originally Posted by graciegirl

We paid cash twice, for a new home and the closing costs were paid by the developer.

We opted NOT to have a title search which would have been a charge to us..

Thank you for your thoughtful response.

[kentucky blue]

Originally Posted by rubicon

spot on there can be liens filed by contractors, etc and so just because its new doesn't mean a thing

I have never purchased any property without my lawyer doing a complete title search, whether i paid cash or financed it.Contractors place liens on properties all the time.If you want to be sure you have clear title to your property ,have a title search done by a competent real estate lawyer.The expense to KNOW your property is free and clear is well worth the price of the title search.

[Ron1Z]

This is all Public knowledge. You do not need a lawyer to make a phone call that you can do yourself.

[kentucky blue]

Originally Posted by Ron1Z

This is all Public knowledge. You do not need a lawyer to make a phone call that you can do yourself.

Don't forget to make calls to find any mechanics liens,federal or state tax liens, encumbrances on your property.While your at it check for utility easements , encroachments,rights of way,private and deed restrictions.Seems to me a real estate lawyer can save you valuable time and frustration, along with erasing the possibility of human error.Just one man's opinion,"why be penny wise and pound foolish."

[l2ridehd]

Kentucky Blue, I agree. There have been liens on new homes by contractors in The Villages. Probably ones the developer had a dispute with and fired or had some other bad dealings. And re-sale homes need a through check. The seller could have had tax problems, contractor problems, debt issues, mortgage payments missed, or any number of other problems. Title insurance is a low risk high reward investment. Now who pays for it is subject to the contract for sale. It can be paid by either the seller or the buyer. Or split. There is the traditional process where the buyer pays, but it does not have to be that way. It all depends on how the contract for sale is done.

[Mack184]

Whether we like it or not this world is now full of people ready to sue at the drop of a hat. With that in mind, why in the world would you make the kind of expensive investment such as a home without doing everything you possibly can to protect your investment? Taking a shortcut to save a few bucks because you "believe" the seller and/or developer is a very foolish move. Don't step over dollars to pick up dimes.