Title Insurance

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  #31  
Old 04-22-2009, 02:57 PM
Boomer Boomer is offline
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Hi interested,

We have not bought in TV yet, but I have been on this board for a while and I have seen some good discussions of title insurance. People do not agree on what to do.

You will not get a definitive answer I do not think, but you will be able to see different opinions.

When we first looked at TV for a second home, I had questions about title insurance. I would want it. Something that came up in the discussion while we were in TV was that the policy is paid for by the seller. I kept thinking I was not understanding that right. I still think I must be missing something. We paid for the title policy here on our Ohio house. That made sense to me because I saw the policy as a contract.

Just like getting clear title anywhere, I wondered about homes that could be a part of estates that maybe had not been properly settled or homes that were highly leveraged across the country by investors. And there is always the possibility of liens for work done but not paid for, and some other things, too.

At this point, we have not bought anything in TV so even though I say that I would buy it, I have not even bought the house yet.

Something that comes up in the discussion of title insurance is the idea that some people feel comfortable without it if they pay cash for the house. I have heard people say that cash buyers do not need to worry because it is just that the bank requires title insurance. When I hear that, I think, "Hellooooo, Cash Buyer, you are the bank in this one." I know that maybe the bank could have an interest in selling the actual policy. Don't really know about that. I just assume it is only that bank wants their interest in the property covered so why wouldn't I want the same thing? But that's just me. We all have our individual perspective on the odds.

I test big financial decisions with how well they let me sleep at night. To me, title insurance cost is the cost of sleep. But there are many well-informed, smart people on this board who did not buy title insurance and they have their own reasons. And heck, I haven't bought anything there yet. So what do I know? You need to hear from those who are in TV already.

Anyway, at risk of looking like I think I am some kind of retired librarian, when I saw your question I gathered up some old threads here for you to read if you want to. They are pretty old threads so I hope somebody will come along here and talk more about what they think about title insurance.

I hope these links are a start.

http://talkofthevillages.com/forums/...ad.php?t=12790

http://talkofthevillages.com/forums/...ead.php?t=8873

If you would like to search for additional threads on the topic, you can click on 'search' on the line above. You can ask it for thread searches or post searches. You might also want to try typing in 'closing costs' in the box and that could bring you more information to go through.

And I bet others will come in here with new posts for you on the topic, too.

Good luck with your decision.

Boomer

Last edited by Boomer; 04-22-2009 at 03:15 PM.
  #32  
Old 04-22-2009, 03:11 PM
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we bought new, no mortgage and chose NOT to get title insurance.
many opinions, whatever helps you sleep at night
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  #33  
Old 04-22-2009, 03:29 PM
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Default Things that go bump in the night.....uhhh, day

Quote:
Originally Posted by tony View Post
bump
Tony,

I do not know why I never think about just bumping the old threads. I always go back and link them into the new thread. Your way was just waaaaay tooooo easy for an English major I guess.

Boomer
  #34  
Old 04-22-2009, 04:01 PM
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Notice that I did not mention a word about English majors. Notice that.

And thanks for the link so I could find them easier. My kinda major would never be able to find them.
  #35  
Old 04-22-2009, 04:31 PM
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I appreciate the responses and especially to Boomer for the help with the search. When I did a search I only got the recent comments from the lawyer thread. Thank you to all.
  #36  
Old 04-22-2009, 04:37 PM
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Quote:
Originally Posted by tony View Post
Notice that I did not mention a word about English majors. Notice that.

And thanks for the link so I could find them easier. My kinda major would never be able to find them.
But Mr. Tony, Mr. Admin, Sir, now we have 3 different threads titled "Title Insurance" all marching down the page in random order. Do you realize what that could do to any librarian who just might be in the house? The poor thing would want to try to get them all collected under the same Dewey number where people could find the information easily. But she would only be able to stare helplessly at the torment. (Sigh)

Boomer

Last edited by Boomer; 04-22-2009 at 04:39 PM. Reason: (I split an infinitive. I do that all the time.)
  #37  
Old 04-22-2009, 04:56 PM
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I was strong-armed into combining all the Title Insurance threads into one thread.




So sorry I cannot find the Dewey Decimal number for Real Estate transfer insurance.
  #38  
Old 04-22-2009, 05:15 PM
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Quote:
Originally Posted by tony View Post
I was strong-armed into combining all the Title Insurance threads into one thread.




So sorry I cannot find the Dewey Decimal number for Real Estate transfer insurance.

And what a lovely Dewey Decimal number it is: 333.33

Boomer
  #39  
Old 04-22-2009, 06:45 PM
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And I just bet you don't know the Accession Number.

Now, back to Title Insurance.
  #40  
Old 04-22-2009, 07:00 PM
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Quote:
Originally Posted by tony View Post
And I just bet you don't know the Accession Number.

Now, back to Title Insurance.
You will find that information under Entitled Insurance.

Now, back to Title Insurance.

Boomer
  #41  
Old 04-22-2009, 08:18 PM
784caroline 784caroline is offline
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YOu are saying your lawyers and real estate agents are recommending title insurance..now these are really impartial people to ask...especially the ones involved in the real estate deal who are more likely than not getting a kickback on your title insurance proceeds. Also they are not putting up the money and COvering their butts in the mean time.......not really impartial advice!!

When we bought our previous home(s) years ago, yes we bought title insurance and the seller was not picking up the tab. WE just believe the Villages property (NEW) is sold with enough protection with the "mechanics lien waiver" and the sales contract provision. The land where your home sits (new property) was pasture land and did not have alot of turnover in recent years.

It all comes down to a Personal comfort level and people should not say someone is right or wrong in making a decision to buy or not buy Title Insurance. You provide the facts, and a decision is made. Just because you decided the opposite of another person especially on the issue of Title Insurance does not make a decison right OR wrong.

Insurance rates are all based on historical trends and RISK...and If you research Title Insurance I think you will find it is one of the least paid out insurance claims in the industry. Now you have some facts......will you sleep at night or not depending if you buy or not is the question... knowing something always "could" happen but it is VERY,VERY unlikely. Buying Title Insurance simply because you were told 80% of homeowners do is not really a valid reason for buying such insurance.

Last edited by 784caroline; 04-23-2009 at 07:50 AM.
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