Talk of The Villages Florida - Homeowner Title Insurance

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The real jip is on a refi

You have to have title insurance when you have a mortgage that protects the lenders interest.
What I hate is having to pay the same company all over again when you refi with a different lender. It is a little cheaper than the initial but not much. I mean other than checking for any leans recorded since the last time whats the deal.

I did have on a purchase once have the title company find out about an ex wife that had a claim against a house I was buying held in a corporate name. When buying it pays. As I said I think the charges in this internet age when the research is alot easier especially on a refi are too high.

Just my opinion

It is a small risk not to get title insurance. I do not like risk and spent $1400 on title insurance. It is a "Sleep Factor" for me. Only you can determine your risk level.:22yikes:

Quote:

Originally Posted by graciegirl (Post 625968)

This has always been my understanding of title insurance.

Title insurance does NOT protect you after you gain possession of your property. It only researches the title and checks the history of the property up to the time of your closing against liens and encumbrunces.

During the time you own it others can place liens on your property if you do not pay a contractor or fail to follow deed restrictions. It is then needful for the next buyer to research the property when you sell it.

We opted to trust the developer was transferring a clean property.

It is my understanding that title insurance does not insure the title once you own it. It just gurantees it is clear up until that date and insures that any thing that may appear that happened prior to closing is insured..

What Does Title Insurance Cover? | eHow.com

It is not a case of trusting or mistrusting the Developer. I also trusted him otherwise I wouldn't have bought a house from him. It is unscrupulous people who may know I have no title insurance and file a nuisance claim. The peace of mind far outweighs the small premium.

By the way, I believe the Developer's own bank requires title insurance on their mortgages.

Quote:

Originally Posted by 784caroline (Post 625680)

I have 2 questions for Hertigage Title Insurance company : 1) can you cite statistics showing how many claims have been made in The Villages where the Developer has not provided clean title to the original homeowner and the title insurance company paid a claim.???? And 2) how many title Insurance claims have been made / paid in for Village pre=owned (resale) properties since 1975 .

We never heard from Hertitage on my 2 questions...Surprise surprise?? Nationwide Title insurance has a very low payout rate compared to the premiums paid......and I bet it is ZERO (for new homes bought from the developer) here in The Villages going back 20 years or more. If you are buying New from the developer, you avoid the nuisance claims by requesting at closing a notarized statement signed by all contractors who worked on your home a "Release of Lien" document ..and the Villages will provide this for you. If you are buying a resale then mortgage insurance may be in order.