[cmfjr]

I was supprised that the policy did not come with the mortgage closing costs. But as I was told it is optional. I like others looked at this property as being a land that has not been sold and bought several times but one would not know the history before The Villages purchasing it so I did purchase it for piece of mind. It cost $285.

[Challenger]

Originally Posted by chachacha

i guess the cost must vary because i had to pay $800 from the company recommended by The Villages...and i have a patio villa. but being a former realtor the indian tribe scenario would not let me sleep at night without it...never even thought of the contractors!

$800 sounds like the price for title search and title policies. The bank required the search and mortgagee policy (Uunavoidable in today's market). The cost for the owners's policy to protect your interest was probably more like $250 or less.

[ApplePir2]

Kelsie52, you got a good deal. We are also closing in October and were quoted $900 from the villages for title insurance. We were told by the title company that the state of Florida determines the rates that are asked. I might have to call them back.

[Hawkwind]

Try this link for one or give Google a try on "Florida title insurance rates"

http://www.fullservicetitle.com/html...alculator.html

[784caroline]

Lets not confuse apples and oranges here! There are different types of title insurance depending upon if you have a loan or not and who it covers.

If you have a loan you will be required to get title insurance for the lender up to the amount of the loan not the purchase price of the house. Separate cost.

IF you have a loan and also want personal title insurnace after buying tite insurance for the bank..Separate cost...this personal insurance is much cheaper...in essence you are only covering you Down payment and future appreciation costs, if any!

If you are paying cash....one cost for title insurance....cost similar as if you are buying it from the bank. in essence you are covering the purchase price of the house therefore more expensive.

You need to know what you are buying and what it covers!

Title insuarnce (for the lender and personal) is totaly different than a title search which will also be a line item cost on your closing statement.

[pqrstar]

I am changing the topic somewhat.

My question concerns the seller of a resale home.

As a seller, I think you have to provide title insurance for the purchaser.

If this is correct, is your fee providing insurance for the entire selling price of the home?

Does this charge include both the fee for a title search and the insurance policy?

You are saying that there are 2 separate title insurance policies if a lender is involved
1. for the lender in the amount of the loan and
2 for the purchaser for the price of the home


Does your fee also include the premium for the title insurance that may be required by a lender?


Please clarify for the state of Fl, what the seller is obligated to pay.

It would make sense to me that the seller would pay for the title search and the purchaser would have to pay for any insurance they would like to purchase whether it be for themselves or a lender.

Thanks

[pqrstar]

Originally Posted by mulligan

Russ, it seems to be pretty cheap insurance in my book. I figure without it some obscure indian tribe will come out of the woodwork and own the whole place.

Have there been any successful cases in the state of Florida where Indians have reclaimed legal title to land?

Just wondering.

[784caroline]

I am no lawyer, but I do know that all provisions of a sales contract (Im talking resale not a new buy from TV) is negotiable meaning Title Insurance may or may not be included as a sellers expense. What is customary practice may also vary between counties within the state of Florida..but again all is negotiable. I would find it rare that the seller is required to pay for the buyers Lenders and owners title insurance...but it could happen! Title search YES..title insurance no!!

Title insurance only covers the lenders loan exposure and the buyers equity. The only time title insurance covers the entire price of the house is if the buyer paid cash. The need for title insurance on a resale or a foreclosure property is MUCH MUCH different than buying a new home from TV.

Suggest you consult a lawyer or a closing agent before you go to the closing table......read up and ask the right questions so you have no surprises !