[TSO/ISPF]

Originally Posted by DebeeDoo

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.

We bought a home in 2019 and the closing document shows a charge of 1700 for title insurance from the sellers funds. Did the seller get ripped off? This was all done through Peninsula Land and Title. I never met the seller until months after the sale because we closed over the phone using docusign.

[Mrfriendly]

Not sure what you mean by Bank does not require it? If using mortgage money your lender DOES require title insurance to protect their investment of lending you money to buy the property. I’m in the title business.

[Blueblaze]

Originally Posted by retiredguy123

You may be confusing a title search and guarantee of clear title with a title insurance policy. Yes, the seller pays for a title search, but a title insurance policy guarantees a clear title for as long as you own the property. It would make no sense for a seller to buy a lifetime title insurance policy on a property that they do not own. Once they sell the property and get their money, why would they need a title insurance policy? Typically, sellers do not buy title insurance, but they do pay an attorney or a title company to do a title search. This is a one time process to make sure that a clear title is transferred to the buyer. It is not a title insurance policy.

I think you might be confusing the laws in the state you moved from with Florida.

I'm sorta up on this, being the paranoid investor that I am, and having done four house deals since January. I suggest you pull out your closing statement on your Florida house and see which column the title charges are in. Oh, they'll certainly offer you an "Owners" title policy, but yours is optional -- the seller's isn't. Why should he buy insurance for a property he doesn't own? Because he's required by law to guarantee that he has a marketable title.

But it depends on what state you're in. When I lived in Oklahoma, "Title Search" was something the BUYER did to make sure he wasn't buying a pig in a polk. It was completely "buyer beware". I'd never heard of title insurance until I moved to Texas.

[retiredguy123]

Originally Posted by Blueblaze

I think you might be confusing the laws in the state you moved from with Florida.

I'm sorta up on this, being the paranoid investor that I am, and having done four house deals since January. I suggest you pull out your closing statement on your Florida house and see which column the title charges are in. Oh, they'll certainly offer you an "Owners" title policy, but yours is optional -- the seller's isn't. Why should he buy insurance for a property he doesn't own? Because he's required by law to guarantee that he has a marketable title.

But it depends on what state you're in. When I lived in Oklahoma, "Title Search" was something the BUYER did to make sure he wasn't buying a pig in a polk. It was completely "buyer beware". I'd never heard of title insurance until I moved to Texas.

I purchased my house from the developer. The only title insurance policy purchased at that time was my owner's policy that I paid for, and it was optional. I have sold houses in several other states. As a seller, I never bought or paid for a "title insurance policy" either for myself or for a buyer. But, as a seller, I always paid the title company or the closing attorney to do a "title search" to examine the title for any defects. I understand that the title search is a process where you are paying for the attorney's expertise to examine the title. The attorney is responsible for his/her work and could be sued, but they are not providing an ongoing insurance policy in the case where a mistake or defect may be discovered in the future. I know that some states have different requirements.

[Frame44]

The lender always gets a title policy. The borrower/owner has an optional policy that covers their interests not the bank.

[Dotneko]

Its a waste of money on a new build in the middle of a development.
Ask yourself - would the Villages be selling the title insurance if there was the slightest chance there was a defect in the title they passed to you?