Owners Title Insurance. Yes or No

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  #1  
Old 05-30-2020, 08:12 AM
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Default Owners Title Insurance. Yes or No

Lenders will not lend you the mortgage without you buying a lenders title insurance.

If you purchase from an individual, it would be smart to buy or insist that the Seller buy you aN owners title insurance policy.

If you buy a new home from the Villages, save your money and IF, anything should go wrong, you have the option of suing The Villages for selling you a piece of land that they DID NOT OWN.
  #2  
Old 05-30-2020, 08:28 AM
retiredguy123 retiredguy123 is offline
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You always have the option to sue a seller, but who wants to do that? And, a lender's title policy does not protect the owner. I have always bought an owners title insurance policy. When I bought my first house, the attorney who examined the title found that the a previous owner had sold the house to the current seller without getting her divorced spouse to sign the sales documents. His name was still on the previous title. The attorney had to track down the spouse in another state to get his signature. If the attorney had not discovered the error, the title insurance could have been well worth the cost.
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Old 05-30-2020, 08:44 AM
leftyf leftyf is offline
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I have always included in my offer that the seller pay for title insurance and survey, always accepted.
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Old 05-30-2020, 09:04 AM
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Quote:
Originally Posted by JimJohnson View Post
Lenders will not lend you the mortgage without you buying a lenders title insurance.

If you purchase from an individual, it would be smart to buy or insist that the Seller buy you aN owners title insurance policy.

If you buy a new home from the Villages, save your money and IF, anything should go wrong, you have the option of suing The Villages for selling you a piece of land that they DID NOT OWN.
Spent 40years working for community banks whose major line of business was home mortgages . Always advised customers to buy Owners policy . This post is very questionable advice . Many other threads on the issue - read them for more info.
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  #5  
Old 05-30-2020, 09:07 AM
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Quote:
Originally Posted by retiredguy123 View Post
You always have the option to sue a seller, but who wants to do that? And, a lender's title policy does not protect the owner. I have always bought an owners title insurance policy. When I bought my first house, the attorney who examined the title found that the a previous owner had sold the house to the current seller without getting her divorced spouse to sign the sales documents. His name was still on the previous title. The attorney had to track down the spouse in another state to get his signature. If the attorney had not discovered the error, the title insurance could have been well worth the cost.
An owners policy will provide legal representation at their costs if an issue arises. This can be a very significant cost . Many thousands is common place. Peace of mind for the life of your ownership for a few hundred dollars.
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Old 05-30-2020, 09:14 AM
charlieo1126@gmail.com charlieo1126@gmail.com is offline
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If this was Massachusetts with land owners going back 100’s of years I would say yes , but I’ve owned 5 homes here , the last thing the family would want from d a land dispute , save your money and say no
  #7  
Old 05-30-2020, 09:40 AM
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Say no if it's a new home and yes if it's a used home.
  #8  
Old 05-30-2020, 09:41 AM
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Quote:
Originally Posted by retiredguy123 View Post
You always have the option to sue a seller, but who wants to do that? And, a lender's title policy does not protect the owner. I have always bought an owners title insurance policy. When I bought my first house, the attorney who examined the title found that the a previous owner had sold the house to the current seller without getting her divorced spouse to sign the sales documents. His name was still on the previous title. The attorney had to track down the spouse in another state to get his signature. If the attorney had not discovered the error, the title insurance could have been well worth the cost.
Could happen, but notice I am talking about a new home on village bought property. So again, save your money
  #9  
Old 05-30-2020, 09:43 AM
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Quote:
Originally Posted by Challenger View Post
Spent 40years working for community banks whose major line of business was home mortgages . Always advised customers to buy Owners policy . This post is very questionable advice . Many other threads on the issue - read them for more info.
And you would be correct if you are mortgaging between a buyer and seller. But note, I’m referring to buying a new home from a large corporation. So I get where your coming. From, but in this case your way off target.
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Old 05-30-2020, 09:45 AM
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Originally Posted by charlieo1126@gmail.com View Post
If this was Massachusetts with land owners going back 100’s of years I would say yes , but I’ve owned 5 homes here , the last thing the family would want from d a land dispute , save your money and say no
Well said.
  #11  
Old 05-30-2020, 09:46 AM
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Say no if it's a new home and yes if it's a used home.
Correct.
  #12  
Old 05-30-2020, 10:54 AM
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Owners Title Ins costs hundreds- Will provide coverage of up to Value of property for the life of ownership, including legal costs of a suit to defend your ownership. The major cost items for Title insurance companies is the costs of defending the property rights of their insured. Value of home and property $000,000s - Cost of Owners Title Ins. $000s one time. The fact that the Villages was the last owner prior to the the purchase by the last buyer is comforting, but won't pay you bills for defense of your property rights. "Caveat Emptor" in either case
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Old 05-30-2020, 12:11 PM
Stuart Zaikov Stuart Zaikov is offline
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Worth it for peace of mind
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Old 05-30-2020, 12:33 PM
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Quote:
Originally Posted by JimJohnson View Post
Lenders will not lend you the mortgage without you buying a lenders title insurance.

If you purchase from an individual, it would be smart to buy or insist that the Seller buy you aN owners title insurance policy.

If you buy a new home from the Villages, save your money and IF, anything should go wrong, you have the option of suing The Villages for selling you a piece of land that they DID NOT OWN.
Good luck on suing the villages
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  #15  
Old 05-30-2020, 12:41 PM
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I would say with great confidence that over the Last 30 years, there has never been one, not one Case of owners title insurance for a Villages built and sold home Being needed for any legal problem. Save your money and don’t buy it. .
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