[golfing eagles]

Originally Posted by kkingston57

Great ? Looks like another way for title companies to make money. Only way there might be a problem is if the estate of someone like Christopher Columbus claimed they have ownership rights to the property.

The point is taken. Of course, Columbus never set foot on Mainland America.

[BlueStarAirlines]

Originally Posted by fishon

If you are going to have a mortgage the bank will require you to buy title insurance to protect them, not you.

Thats lenders title insurance......

[Stu from NYC]

Originally Posted by retiredguy123

The cost, value, and reasons for buying title insurance are pretty much the same everywhere. The Villages is not unique in that respect. But, one of the reasons for having title insurance is that you don't need to sue anyone in the event of a defective title. The insurance company is supposed to handle it.

Also, human beings have only been around for about 150,000 years.

Another way the developer makes money. Betcha title insurance Co pays hefty commission to him.

[Stu from NYC]

Originally Posted by golfing eagles

The point is taken. Of course, Columbus never set foot on Mainland America.

Many years ago the Chinese and the vikings came here.
Rumor has it someone has a co of their title squirreld away waiting for right moment.

[mikemalloy]

Originally Posted by djlnc

We're purchasing a house in the Village of Richmond. Seems to me there is virtually no risk of some sort of previous claim against the property. Don't want to waste $1500.

OK my 2 cents. I'd pay for title insurance for myself if I was buying a home from a prior owner of the home. However, here, I've bought 2 new homes from the owner ie. The Villages. If there is something wrong with the title to my house, I'll sue TV since they gave a warranty deed and I'll be entitled to my attorney's fees.
What's even more frustrating is getting a mortgage through Citizen's First bank and them requiring title insurance. What they are in effect making you do is insure that they (The Villages) gave you a valid unencumbered title. That way they don't get sued by you you just put in a claim on the insurance they made you buy. Rip off.

[tuccillo]

If the buyer of a new home winds up with a defect in their deed, there are also probably hundreds, perhaps thousands, of others who will have the same defect since The Villages buys large tracks of land to build on. That would be a mess and probably make national headlines. I agree that buying title insurance for a resale is a good idea.

Originally Posted by mikemalloy

OK my 2 cents. I'd pay for title insurance for myself if I was buying a home from a prior owner of the home. However, here, I've bought 2 new homes from the owner ie. The Villages. If there is something wrong with the title to my house, I'll sue TV since they gave a warranty deed and I'll be entitled to my attorney's fees.
What's even more frustrating is getting a mortgage through Citizen's First bank and them requiring title insurance. What they are in effect making you do is insure that they (The Villages) gave you a valid unencumbered title. That way they don't get sued by you you just put in a claim on the insurance they made you buy. Rip off.

[talonip]

Originally Posted by djlnc

We're purchasing a house in the Village of Richmond. Seems to me there is virtually no risk of some sort of previous claim against the property. Don't want to waste $1500.

No need. We just bought new in St. John’s. Financed through Citizens.. it was optional.

[Babubhat]

[QUOTE=jparsoneau@aol.com;2158888]So what I have not seen on here is this question is about new construction which is built by The Villages, sold by The Villages. And titled through The Villages escrow department. They offer you title insurance through The Villages. Yes these are all different sister companies all owned by the villages.
The only real legit question is what if on this property 5 million years ago idians owned it and have a legal right to it now. And if that’s the case I would come back and sue The Villages. But having The Villages sell you a house and sell your title insurance is basically paying the same person for the same thing that you’ve already bought.
Plus I do believe the village is doing this for 30 years plus hast to know what they’re doing at least a little bit by now.
And no I did not buy it on my new house no need. On a used house I would definitely buy it

I have a hard time believing the developer failed to get clear title to the land for new home. But once attorney fees are involved it’s expensive and time consuming. You never know

[Worldseries27]

I'm just waiting for the casino

[Stu from NYC]

Originally Posted by djlnc

We're purchasing a house in the Village of Richmond. Seems to me there is virtually no risk of some sort of previous claim against the property. Don't want to waste $1500.

When the village Indian tribes lawyer files a claim watch out. L0

[golfnut]

Originally Posted by Love2Swim

We bought two houses in The Villages and didn't get the insurance on either one. I'd say your risk is very low.

My risk has nothing to do with the fact that you choose not to buy title insurance. I have purchased 10 homes over the years and have purchased title insurance on every one. I'd say you are at risk without insurance, good luck.

[TCRSO]

As a Florida Attorney, my opinion is that you do not need insurance when purchasing a new home in TV. The title policy protects you from title issues. However, if there are title issues you also have a claim against the transferor (assuming you acquired the property by warranty deed). Obviously TV is solvent so if there is a problem, you should have no problems. Of course if it makes you feel safer, that is your choice.

[retiredguy123]

Originally Posted by TCRSO

As a Florida Attorney, my opinion is that you do not need insurance when purchasing a new home in TV. The title policy protects you from title issues. However, if there are title issues you also have a claim against the transferor (assuming you acquired the property by warranty deed). Obviously TV is solvent so if there is a problem, you should have no problems. Of course if it makes you feel safer, that is your choice.

How many companies were assumed to be solvent until they weren't?

And, even if they are solvent, they are most likely not going to pay for your house unless you sue them.

[Babubhat]

Originally Posted by TCRSO

As a Florida Attorney, my opinion is that you do not need insurance when purchasing a new home in TV. The title policy protects you from title issues. However, if there are title issues you also have a claim against the transferor (assuming you acquired the property by warranty deed). Obviously TV is solvent so if there is a problem, you should have no problems. Of course if it makes you feel safer, that is your choice.

Pyrrhic victory. Legal fees to enforce will exceed the cost of title insurance. Risk vs reward is out of balance

[affald]

Lol. Just look up what percentage of title company premiums go toward paying claims vs how much is kicked back to attorneys. Who has anybody known personally that has collected on a title policy? Lawyers need not respond.