Talk of The Villages Florida
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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Owners Title Insurance - to buy or not to buy (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/owners-title-insurance-buy-not-buy-120879/)

Allegiance 07-15-2014 10:48 AM
Quote:
Originally Posted by dbussone (Post 907921)
In TV the purchaser absorbs the cost.
One factor in favor of buying a resale.

784caroline 07-15-2014 02:42 PM
Quote:
Originally Posted by MikeV (Post 907892)
Look closely at your closing estimate. If you do not buy the owners title insurance there may be a charge for you to pay for the lenders title insurance. Once we saw the difference between what we would pay for just the lenders and what we would pay for the buyers we went with the buyers title insurance.
QUESTION: Is the lenders title insurance only for the value of the loan or for the price you paid for the property??

MikeV 07-15-2014 03:09 PM
Quote:
Originally Posted by 784caroline (Post 908094)
QUESTION: Is the lenders title insurance only for the value of the loan or for the price you paid for the property??

Lenders insurance only covers the mortgage amount.

Indydealmaker 07-15-2014 04:02 PM
A Seller's policy does nothing for a buyer. Owner's Title Insurance protects you financially against human error during a title search. Of course, if you don't think humans ever err...

Villager Joyce 07-15-2014 04:20 PM
If you are obtaining a loan to purchase the property, the lender will require a mortgagee title insurance policy. There is little difference in price between purchasing just a lender policy and buying an owner policy and purchasing simultaneously a loan policy.

Challenger 07-15-2014 04:24 PM
Quote:
Originally Posted by Sunshine Shelly (Post 907707)
I'm looking for input. Is homeowner's title insurance a necessary cost at settlement on a new construction property in TV?
There are previous threads that discuss this subject and it would be good to read them to see the issues involved.

You will receive many posts from people who are not familiar with the issues involved and the types of claims that can be made against your property. Even if a claim in not valid , you will need to defend against it. If you are insured , the Ins Co provides and pays for the defense.These cases can be long and drawn out and very expensive.

I have owned 8 homes and ran three community banks. I would not go uninsured- the stakes are too high.

Talk to an attornet who specializes in Real Estate transactions

Bonanza 07-15-2014 06:07 PM
Quote:
Originally Posted by Allegiance (Post 907739)
I think in Florida the seller pays for the owners title insurance.
In Florida, depending upon the county in which you live,
it's the county that usually determines who pays for title insurance.

However, be aware that it is not a law and the "rule" is not cast in concrete.
Who pays for title insurance is up for negotiation.
It can always be written into a contract regarding who pays it,
even when a clause is pre-written in.

In new construction here in TV,
if you think the developer will pay it, think again.
It will never happen, so save your breath.
There is no free ride!

784caroline 07-15-2014 06:49 PM
Quote:
Originally Posted by MikeV (Post 908106)
Lenders insurance only covers the mortgage amount.
So the amount that you bought also covers the mortgage amount

Bonanza 07-15-2014 07:44 PM
Quote:
Originally Posted by 784caroline (Post 908217)
So the amount that you bought also covers the mortgage amount
A lender's policy is completely different and separate
from the other title insurance policies.
It benefits only the lender and you have to pay for it.
The lender requires it; otherwise you don't get the loan.
And yes -- it is based on the mortgage amount, not the sales price.

In addition to that policy, as a buyer,
there is an owner's policy which is completely separate.

Hopefully, this answers your question.

Carl in Tampa 07-15-2014 10:16 PM
You never know.........
 
Developer has clear title? Wait until that obscure Spanish Land Grant shows up that proves the entire tract is the property of Don Diego de la Renta. THEN you will be glad that you have title insurance.

Bonanza 07-15-2014 11:17 PM
Quote:
Originally Posted by karostay (Post 907760)
All property's in the Village have a clear tittle or the developer wouldn't build
Just ask your agent..It's a great money maker just like termite care when your home has a 5 warranty
It is true that the developer got clear title
on the property when he purchased.

However, that is no guarantee for you as a new buyer,
that the seller is giving you clear title.
Your seller could have liens or other issues against the property,
or suddenly, a claim from the past.

In theory, the fact that an owner got clear title is meaningless
when you are the next buyer.
You are buying protection for yourself.

You are correct and hit the nail on the head, though.
Title insurance is a great money maker!

Bonanza 07-15-2014 11:43 PM
Quote:
Originally Posted by janeg (Post 907761)
You don't have to buy it at closing . You need to buy it if you ever sell your home.
True . . . You don't have to buy title insurance at closing. You don't have to buy it at all and you can actually buy it at any time. However, for peace of mind and protection, it's a good idea to get it when you close.

You don't wait to purchase title insurance when you sell.

During the time frame when you've owned it, there could be an old claim against the property that appears that you aren't even aware of. If you have title insurance, you are protected; otherwise you have to go through the expense and hassle of obtaining clear title for your new buyer. When your new buyer gets his title insurance, you can bet he will demand a clean title from you!

Bonanza 07-15-2014 11:51 PM
Quote:
Originally Posted by Challenger (Post 908148)
There are previous threads that discuss this subject and it would be good to read them to see the issues involved.

You will receive many posts from people who are not familiar with the issues involved and the types of claims that can be made against your property. Even if a claim in not valid , you will need to defend against it. If you are insured , the Ins Co provides and pays for the defense.These cases can be long and drawn out and very expensive.

I have owned 8 homes and ran three community banks. I would not go uninsured- the stakes are too high.

Talk to an attornet who specializes in Real Estate transactions
Bingo and thank you on all counts!
You are correct.

There is too much mis-information within these posts
from well-meaning people
who are only guessing and don't understand.

Bonanza 07-15-2014 11:57 PM
:a040:
Quote:
Originally Posted by Carl in Tampa (Post 908313)
Developer has clear title? Wait until that obscure Spanish Land Grant shows up that proves the entire tract is the property of Don Diego de la Renta. THEN you will be glad that you have title insurance.
Your example is very funny and very true!
:a040:

Sunshine Shelly 07-16-2014 05:28 AM
Thanks everyone for your feedback. Great information from the group. We're settling on a new villa on Friday and we bought the insurance.


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