Title insurance

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  #1  
Old 09-03-2021, 11:57 AM
rrtjp rrtjp is offline
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Default Title insurance

Buying brand new construction in Citrus Grove and was wondering if I really need to spend $1232.00 on title insurance?
  #2  
Old 09-03-2021, 12:06 PM
retiredguy123 retiredguy123 is online now
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I purchased title insurance when I bought a new house, but it is optional and the risk of having a title issue is probably pretty low. But, the insurance will cover you as long as you own the property.
  #3  
Old 09-03-2021, 12:45 PM
Stu from NYC Stu from NYC is offline
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Quote:
Originally Posted by rrtjp View Post
Buying brand new construction in Citrus Grove and was wondering if I really need to spend $1232.00 on title insurance?
We bought. What happens if the Citrus Grove Indian tribe suddenly claims they own the land and they win their case.

If you have a mortgage your bank will insist on a policy protecting them.
  #4  
Old 09-03-2021, 12:53 PM
davem4616 davem4616 is offline
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it's the same as any other insurance you buy....you hope that you never have to use it
  #5  
Old 09-03-2021, 01:32 PM
Koapaka Koapaka is offline
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Paying cash....your option. Getting financed....not so much
  #6  
Old 09-03-2021, 01:35 PM
Babubhat Babubhat is offline
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Awfully big risk not to buy even though chance of using it minimal
  #7  
Old 09-03-2021, 09:49 PM
Boomer Boomer is offline
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When buying a house for cash, keep in mind that makes you the bank. Therefore, it is wise to do what a bank would do.
  #8  
Old 09-04-2021, 04:41 AM
rrtjp rrtjp is offline
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Default Title insurance

Thank you everyone. The bank is not requiring I get it but like some have said here for peace of mind I will be getting it. Like any insurance policy, you hope you never need it but if you do you are glad you got it.
10 days and counting till we close in TV. Excited and nervous.
  #9  
Old 09-04-2021, 05:05 AM
DaleDivine DaleDivine is offline
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Seen a few posts on here where people have needed it. Not worth the risk of not having it. Like health insurance, I would be afraid to walk down the street without it.
  #10  
Old 09-04-2021, 06:16 AM
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Bay Kid Bay Kid is offline
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Only one payment for protection until you sell. Good insurance.
  #11  
Old 09-04-2021, 06:24 AM
Luggage Luggage is offline
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First off the rates are set by the state so it's quite reasonable for the risk reward ratio. Secondly I believe and please correct me somebody if I'm wrong it will also help protect you in case you're lot lines are off and you get sued by your neighbors. I've seen this happen before for someone build something two feet over The line
  #12  
Old 09-04-2021, 06:32 AM
BlackHarley BlackHarley is offline
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I thought it was crazy too when we bought new. A pre-owned home makes more sense, but we wrapped it into the closing costs anyway....done.
  #13  
Old 09-04-2021, 06:52 AM
mikemalloy mikemalloy is offline
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[QUOTE=Stu from NYC;1998659]We bought. What happens if the Citrus Grove Indian tribe suddenly claims they own the land and they win their case.

You sue the seller ie. The Villages. I'm pretty sure that they are collectable.
  #14  
Old 09-04-2021, 07:03 AM
retiredguy123 retiredguy123 is online now
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[QUOTE=mikemalloy;1998841]
Quote:
Originally Posted by Stu from NYC View Post
We bought. What happens if the Citrus Grove Indian tribe suddenly claims they own the land and they win their case.

You sue the seller ie. The Villages. I'm pretty sure that they are collectable.
I agree, but who wants to sue someone? With title insurance, the insurance company does the suing.
  #15  
Old 09-04-2021, 07:06 AM
Petersweeney Petersweeney is offline
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IMHO title insurance is right up there with annuities and whole life insurance policies dumb and dumber….anyone can go do a title search at the courthouse…..or even online
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