by Guest » Mon Apr 05, 2010 09:32 am
I've been in this real-estate industry for a couple of years now. I've always paid for the Title insurance mentioned in my closing statement. Can someone please explain whether it's truly important for us to pay towards such insurance?
Posted: Tue Apr 06, 2010 07:43 am Post Subject:
There are some liens that are not disclosed even when you're doing a title search while purchasing your property. Title insurance covers you from lawsuits against the title.
Posted: Wed Apr 07, 2010 09:31 am Post Subject:
You may obtain an owners title insurance along with your loan policy. It's probably the best of title insurance that you may get as a property owner.
Posted: Thu Apr 08, 2010 05:07 am Post Subject:
Title insurance, for the most part, is an anachronism and truly outdated. Sure, it comes in handy here and there, but it's really a relic from those days when the "slick salesman would sell you the house next door" without being able to provide clear title to that property.
That's kind of tough to do these days, and so title insurance nowadays normally comes into play for undiscovered encumbrances, liens, right-of-way and property line issues and rarely (rarely) on anything else.
As far as you "choice" to purchase title insurance? It's not a choice unless you're paying cash for the house. I am not aware of a single lender, in my entire life, that doesn't require title insurance as a condition of closing and funding the loan.
Don't confuse this with private mortgage insurance.
InsTeacher 8)
Posted: Fri Apr 09, 2010 11:30 am Post Subject:
Can someone please explain whether it's truly important for us to pay towards such insurance?
Title insurance covers both the lender and the property owner from losses arising out of hidden liens before the purchase. It protects from false wills or deeds.
Posted: Sat Apr 10, 2010 06:40 am Post Subject:
It covers from any mistakes in modifying legal documents. It will also cover you from frauds.
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