We're looking for a new house to settle in CO. Will someone please help explain the features of house title insurance?
Total Comments: 3
Posted: Mon Mar 22, 2010 04:32 pm Post Subject:
I have little experience with title insurance in my professional career, but I did use it in my personal life. My understanding is that title insurance will cover most (depending on the policy) liens or other costs connected to a house and not discovered during a title search.
Myself, I bought a house that was part of an association (we were not aware of this since we purchased it from the bank). Well the prior owner and the bank had failed to pay association fees for about 4 years (around $500.). I received a past due notice from the association's attorney and since it was tied to the house, it was my responsibility. Contacted title insurance sent in paperwork to prove my claim, paid the association fees and back fees and received the money from the title insurance once it was approved.
Posted: Fri Mar 26, 2010 12:00 pm Post Subject:
For transactions regarding real estate you'll need the lender title insurance policy. This involves real estate transactions of both types- refinance or purchase. The owner's title insurance is not mandatory, however it's often recommended.
Posted: Sat Mar 27, 2010 05:18 am Post Subject:
One little thing that I'd like to add over here is that a prospective title insurer might check public records for the past 40 years. He does this to ensure if there exists any factor which might affect the property ownership.
Posted: Mon Mar 22, 2010 04:32 pm Post Subject:
I have little experience with title insurance in my professional career, but I did use it in my personal life. My understanding is that title insurance will cover most (depending on the policy) liens or other costs connected to a house and not discovered during a title search.
Myself, I bought a house that was part of an association (we were not aware of this since we purchased it from the bank). Well the prior owner and the bank had failed to pay association fees for about 4 years (around $500.). I received a past due notice from the association's attorney and since it was tied to the house, it was my responsibility. Contacted title insurance sent in paperwork to prove my claim, paid the association fees and back fees and received the money from the title insurance once it was approved.
Posted: Fri Mar 26, 2010 12:00 pm Post Subject:
For transactions regarding real estate you'll need the lender title insurance policy. This involves real estate transactions of both types- refinance or purchase. The owner's title insurance is not mandatory, however it's often recommended.
Posted: Sat Mar 27, 2010 05:18 am Post Subject:
One little thing that I'd like to add over here is that a prospective title insurer might check public records for the past 40 years. He does this to ensure if there exists any factor which might affect the property ownership.
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