Title Insurance

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  #1  
Old 03-31-2013, 10:42 AM
graybuckle graybuckle is offline
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Default Title Insurance

We will be buying a resale home in the villages next month. It will be a cash deal. Do we need title insurance?
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Old 03-31-2013, 10:52 AM
JB in TV JB in TV is offline
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I think the opinion here would be YES! You need it. On a resale, definitely. On a new build from the Villages, perhaps not.
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Old 03-31-2013, 10:53 AM
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Originally Posted by graybuckle View Post
We will be buying a resale home in the villages next month. It will be a cash deal. Do we need title insurance?
Yes, and the seller normally pays for it. Check the contract you signed.
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Old 03-31-2013, 10:56 AM
Bogie Shooter Bogie Shooter is offline
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Originally Posted by graybuckle View Post
We will be buying a resale home in the villages next month. It will be a cash deal. Do we need title insurance?
Here are some threads on title insurance. You can also do a search.

http://www.talkofthevillages.com/for...surance-70169/


http://www.talkofthevillages.com/for...surance-46256/
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Old 03-31-2013, 11:00 AM
Justjac Justjac is offline
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A title insurance policy can financially protect you from any prior liens on the property, encumbrances that might restrict your use of the property -- such as a sewer or water line, or forgeries and errors in public records.

For instance, there could be a missing heir to a former owner of the property, or a deed that was forged and now requires remediation, which can be costly. Ordering an owner’s policy of title insurance can help you not only discover these issues, but will also protect you against any undiscovered issues that could arise in the future.

As Bogie Shooter suggested, do some research on the Internet and then make your own decision as to what price you are willing to pay for peace of mind.
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Old 03-31-2013, 12:15 PM
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After nearly 50 years in community banks primarily making real estate loans , I woud never buy a piece of real estate without "Owners Title Insurance"

Review the threads on this forum
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Old 03-31-2013, 01:26 PM
iaudit iaudit is offline
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Yes, and the seller normally pays for it. Check the contract you signed.
Unfortunately, the developer does not pay for it on new home purchases in the villages. The buyer picks up the tab on both owner and sellers title insurance. One is discounted significantly but it still costs a couple hundred dollars.
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Old 03-31-2013, 02:05 PM
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Originally Posted by JB in TV View Post
I think the opinion here would be YES! You need it. On a resale, definitely. On a new build from the Villages, perhaps not.
I agree. We didn't on either brand new homes we bought here, but we would on any new homes elsewhere and CERTAINLY would on a resale here or anywhere.
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Old 03-31-2013, 02:20 PM
784caroline 784caroline is offline
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[QUOTE=Challenger;651617]After nearly 50 years in community banks primarily making real estate loans , I woud never buy a piece of real estate without "Owners Title Insurance"

Can you give some specific examples WHY? In 50 years how many valid claims have been made against a title insurance company wheree they paid off...and for what reasons?
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Old 03-31-2013, 02:26 PM
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Even with new properties in the villages, title defects can be more than 100 years old, long before Mssrs Scwartz or Morse were in the chain. In fact claims preceeding the last owner are less acertainable and there is no statute of limitations. The title company is on the hook no matter how old the defect or who screwed up. If a defect is found later after your purchase , the property may become unmarketable.

Disclaimer: I am not a title atty, agent nor have I ever owned or even worked for a Title insurer
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Old 04-02-2013, 04:27 PM
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Default Title insurance

Sure appreciate the responses. Looks like well be getting the insurance
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Old 04-03-2013, 12:47 PM
784caroline 784caroline is offline
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Originally Posted by Challenger View Post
Even with new properties in the villages, title defects can be more than 100 years old, long before Mssrs Scwartz or Morse were in the chain. In fact claims preceeding the last owner are less acertainable and there is no statute of limitations. The title company is on the hook no matter how old the defect or who screwed up. If a defect is found later after your purchase , the property may become unmarketable.

Disclaimer: I am not a title atty, agent nor have I ever owned or even worked for a Title insurer
Earlier you stated the fact you had more than 50 years of community bank experience primarily in Real Estate leading one to believe you had experience in dealing with Title Insurance. I asked for specific examples of where, in your 50 years of experience, did a Title Insurance compay pay a valid claim and what were the citrcumstances. Your reponse quoted above was as general as a sales pitch. Title insurance companies use scare tactics in getting homeowners to buy its insurance but in fact it is one of the most profitable businesses around with minimal payouts .

That said I would NOT buy title insurance if I were buying a new property directly from The Villages, but I would however seriously consider buying Title Insurance if I were buying a resale property from an individual owner. Its all based on your risk tolerance
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Old 04-03-2013, 06:58 PM
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My post
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Originally Posted by 784caroline View Post
Earlier you stated the fact you had more than 50 years of community bank experience primarily in Real Estate leading one to believe you had experience in dealing with Title Insurance. I asked for specific examples of where, in your 50 years of experience, did a Title Insurance compay pay a valid claim and what were the citrcumstances. Your reponse quoted above was as general as a sales pitch. Title insurance companies use scare tactics in getting homeowners to buy its insurance but in fact it is one of the most profitable businesses around with minimal payouts .

That said I would NOT buy title insurance if I were buying a new property directly from The Villages, but I would however seriously consider buying Title Insurance if I were buying a resale property from an individual owner. Its all based on your risk tolerance
My post was intentionally general and meant to provide some balance to this thread from someone who sees value in Title Insurance. For those who who would like to base their decision on some research, I would suggest that they google and read the many papers, articles and case reports to be found therein, One interesting case is Mayfield vs City Banks of Florida.

You refer to valid cases in your post. The defense of property owners against less than valid claims is a significant factor in costs experienced by Title Insurers .Without this coverage the property owner would most likely lose the property or suffer significant legal expenses.

To buy or not to buy- I would lke to see an expert (real estate atty ) weigh in for the benefit of posters.
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Old 04-03-2013, 07:53 PM
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As someone who has worked for 27 years in loan servicing, here is an example of why you need a title search completed: John and Mary purchased a home in 2003 with a loan thru Florida Bank. After two years they refinanced thru Happy Bank which paid off Florida Bank. Florida Bank some how forgot to satisfy the mortgage. Now in 2013 you are paying cash for the house and don't do a title search. Five years from now you attempt to sell the house and need the forgotten mortgage from Florida Bank cleared before your buyers can get a loan. Florida Bank now owned by Southeast Bank won't talk to you because you didn't have the loan (Privacy rules) and they don't care. You can't reach the people who previously owned the home. It will take some work to clear this up.

Real Estate is the biggest purchase most of us make. I would not buy without a title search.
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Old 04-03-2013, 08:20 PM
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Quote:
Originally Posted by Kirsten Lee View Post
As someone who has worked for 27 years in loan servicing, here is an example of why you need a title search completed: John and Mary purchased a home in 2003 with a loan thru Florida Bank. After two years they refinanced thru Happy Bank which paid off Florida Bank. Florida Bank some how forgot to satisfy the mortgage. Now in 2013 you are paying cash for the house and don't do a title search. Five years from now you attempt to sell the house and need the forgotten mortgage from Florida Bank cleared before your buyers can get a loan. Florida Bank now owned by Southeast Bank won't talk to you because you didn't have the loan (Privacy rules) and they don't care. You can't reach the people who previously owned the home. It will take some work to clear this up.

Real Estate is the biggest purchase most of us make. I would not buy without a title search.
I believe the discussion is about Title Insurance. A title search is not the same although a title search is done prior to ths issuance of a Title Policy.
A search is like a medical exam before th issuance os a life insurance policy.
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