Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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title insurance
total ripoff
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#32
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When a mortgage company demands a title insurance policy, it is a lender's policy that does not protect the buyer. You would need to buy a separate owner's policy to do that. |
#33
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#34
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[QUOTE=retiredguy123;1998847]I'll keep the $1000+ and risk the suit. And who's to say that the insurance company will balk and you'd have to sue them?
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#35
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Title Insurance
The bank (if the property is financed) will require it to protect themselves. An owner's policy is usually a bit less but, in my opinion, is very important. We owned a property up North for 30 years and found out during a re-finance, years after the original purchase, that the boundaries were off by a few feet. The original title examiner had missed it. The title insurance took care of everything and the re-finance was not held up at all.
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#36
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Title insurance covers what is not recorded. Title insurance is used in only 3 percent of all the real estate transactions nation wide. Buying in a sub division the risk is minimal.
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#37
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#38
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#39
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But you can buy insurance for anything you want. The title company will certainly offer to sell a policy to the buyer. The question is, do you need it? I guess if I lived in a universe where sellers don't have to guarantee their title, I'd buy an owner's policy, too. |
#40
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Yes , it is necessary!
We purchased a new build in Indiana several years ago. Our builder bought the lot from the previous owner who was developing the lots. It seems that the previous lot owner’s daughter used our lot to secure a loan that she defaulted on. The bank came after us now that a beautiful house was built on the lot. I contacted the title company and they took care of everything. I’ve never regretted paying for title insurance.
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#41
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#42
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I just bought in Citrus Grove and I did not buy the owner’s title policy. (the bank requires one. The owner’s is optional.) The closing estimates had it listed for $1200, I said no, I don’t want it, then they came back and said it was only $268.00 and the estimates are “always high.” I told them I don’t care how inexpensive it gets, I do not need it. So if you feel that someone somewhere could come and lay claim to your tiny bit of this huge development, get the policy but hold out for a second offer. They’re just trying to get as much money as possible out of every sale.
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#43
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#44
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Thats interesting. Thanks!
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#45
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I would ask your closing attorney why you need title insurance when you are already paying them to do a title search to insure that the property you are purchasing is free and clear of any issues? If the attorney stands behind their work, why is title insurance necessary???
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Closed Thread |
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