[CFrance]

Originally Posted by JimJohnson

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.

And pit your puny little self against their huge corporate machine!


I would bet for darn sure they had clear title to the land your house is sitting on.

[Boomer]

Weird stuff can happen. With one of our houses — not in TV — there had been a typo in the record. It showed the wrong lot number. Nothing nefarious, just a typo, but it could have eventually become messy because it looked like the house was sitting on the neighbor’s lot.

Our title company caught it. (In our home state, the buyer usually buys the policy.) The previous owners had mortgaged and even second-mortgaged, twice, but, even so, nobody had caught the error.

Being concerned about a clouded title, we stopped the deal until the original owner, the developer, was tracked down. A quit claim deed for somewhere along the line was a part of what needed to happen. It was a bit of a tizz but everything got worked out and we bought the house.

I have heard people say that they do not need title insurance because they are paying cash for the house, no bank involved. To them, I have to say, “When you are a cash buyer, you are the bank so do what a bank would do.”

[JimJohnson]

Originally Posted by CFrance

And pit your puny little self against their huge corporate machine!


I would bet for darn sure they had clear title to the land your house is sitting on.

Exactly my point. I trust the Villages and their subcontractors to have all the i’s dotted and the t’s crossed. I have been here ten years and have never heard of a title dispute with a Villages new home. More importantly, I Trust that the Villages would stand by their properties.

[Bay Kid]

It is insurance. You hope you never need it, but if you ever do you will be very happy you did.

[caseycasebeer]

This is somewhat ‘off the “title insurance” topic, so let me apologize.

I have heard a radio commercial for “title lock insurance” several times and wonder if this advisable, or is it a newish scam?

Supposedly, “...according to the FBI” title theft is a major and growing problem. Supposedly a fraudster will hack county records and revise your property title to show him(her)self as the new owner, then retitle, get loans, arrange to sell your property, etc.

Of course the “title lock” company will sell you protection for $xx/month to give you peace-of-mind. Naturally they are willing to check your title’s validity for free if you merely give them your name, address, etc. Sounded scamish to me.

Just for the heck of it I went to the Sumter County record office to make sure no one had been messing with my ‘records. I was safe ... whew! I was also assured that the records department would become quite curious if anyone other than the listed taxpayer were to initiate a claim on my property.

Any thoughts, or was I just being paranoid?

Thanks / Casey

[Dust Bunny]

I am just about to close and I am using my own title insurance company. Sounds like a kick back to me.

[Challenger]

Originally Posted by caseycasebeer

This is somewhat ‘off the “title insurance” topic, so let me apologize.

I have heard a radio commercial for “title lock insurance” several times and wonder if this advisable, or is it a newish scam?

Supposedly, “...according to the FBI” title theft is a major and growing problem. Supposedly a fraudster will hack county records and revise your property title to show him(her)self as the new owner, then retitle, get loans, arrange to sell your property, etc.

Of course the “title lock” company will sell you protection for $xx/month to give you peace-of-mind. Naturally they are willing to check your title’s validity for free if you merely give them your name, address, etc. Sounded scamish to me.

Just for the heck of it I went to the Sumter County record office to make sure no one had been messing with my ‘records. I was safe ... whew! I was also assured that the records department would become quite curious if anyone other than the listed taxpayer were to initiate a claim on my property.

Any thoughts, or was I just being paranoid?

Thanks / Casey

This coverage would be included under the Owners policy bought when settled on the purchase. The Title company would provide a defense against such a claim, at their total expense.

[Jayhawk]

Originally Posted by JimJohnson

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.

Sellers don't need title insurance. Buyers and lenders do.

None of these ideas are good ideas.

[Jayhawk]

Originally Posted by Dust Bunny

I am just about to close and I am using my own title insurance company. Sounds like a kick back to me.

Kickbacks are illegal with mortgage transactions. Like, Jail illegal.


Real Estate Settlement Procedures Act (RESPA)

[JimJohnson]

Originally Posted by Jayhawk

Sellers don't need title insurance. Buyers and lenders do.

None of these ideas are good ideas.

Buyers purchasing a new home from The Villages DO NOT NEED TITLE INSURANCE. Save your money.

[Jayhawk]

Originally Posted by charlieo1126@gmail.com

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

Can we call Charlieo when that missed lien shows up?

Contractors are not immune from liens by suppliers. Good intentions I'm sure, but I wouldn't buy ANY house without title insurance.

[Jayhawk]

Originally Posted by JimJohnson

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.

I believe it is you, sir, who has a bad arrow. The banker is 1000% correct.

[Alana33]

Title Insurance is a buyer's responsibility to pay for in a transaction.
Mortgage lender's require it for a loan.
It's not a huge fee and well worth the piece of mind.
Like any type of insurance, you hope you never need it but it's darned good to have if you ever do.

[retiredguy123]

Originally Posted by caseycasebeer

This is somewhat ‘off the “title insurance” topic, so let me apologize.

I have heard a radio commercial for “title lock insurance” several times and wonder if this advisable, or is it a newish scam?

Supposedly, “...according to the FBI” title theft is a major and growing problem. Supposedly a fraudster will hack county records and revise your property title to show him(her)self as the new owner, then retitle, get loans, arrange to sell your property, etc.

Of course the “title lock” company will sell you protection for $xx/month to give you peace-of-mind. Naturally they are willing to check your title’s validity for free if you merely give them your name, address, etc. Sounded scamish to me.

Just for the heck of it I went to the Sumter County record office to make sure no one had been messing with my ‘records. I was safe ... whew! I was also assured that the records department would become quite curious if anyone other than the listed taxpayer were to initiate a claim on my property.

Any thoughts, or was I just being paranoid?

Thanks / Casey

Title Lock is not insurance. It is a monitoring service similar to the identity theft monitoring services, like LifeLock. In my opinion both services are a ripoff. Title Lock will charge you $15 per month to supposedly monitor your property title and notify you if someone tries to alter it. If you are concerned about it, you can easily do the same thing yourself for nothing. I think the service is worthless.

[JimJohnson]

Originally Posted by Jayhawk

I believe it is you, sir, who has a bad arrow. The banker is 1000% correct.

LOL. I respect your right to your own opinion, and under most circumstances you are correct, but in the case of buying a new home from the Villages, an OWNERS TITLE INSURANCE IS THROWING MONEY AWAY.
Please read twice and answer once.