It’s something you pay for, as a buyer, when you close on the purchase of a house or condo.
Yet, you might not think about it, too much.
Well, until you get to the closing table, and you face a bill of $1,000, or $2,000, or more.
What do you do? You figure it must be right, and proceed.
You have to wonder, as I do, though, what’s title insurance all about.
Here’s an article that explains some of the major points.
Something to consider, after you find a house or condo you like, next time – should you go out and find title insurance on your own? Possibly. I have always just let my lawyer do it. That’s a problem. There is a huge commission paid on the title insurance policy – and that commission goes right into the pocket of your attorney.
Instead, shop around. See if you can get a better price.
Your closing costs could be significantly less.
WHY TITLE INSURANCE IS REQUIRED FOR VIRTUALLY EVERY PROPERTY SALE.
Would you buy your house or condo based on the seller’s handshake assurance, “You can be sure the title is good”? I hope not.
Instead, as the buyer you should insist on receiving an owner’s title insurance policy to protect your equity just in case the title is not “marketable.” More important, you won’t be able to get an institutional mortgage unless the lender receives a lender’s title policy.
Virtually the only real estate sales that do not involve a title insurance policy are transactions between friends or relatives, inherited properties, all-cash sales and foreclosure sales. Although title insurance is available for such title transfers, the buyers often trust the sellers and try to save a few dollars by not insisting on receiving an owner’s title policy.
WHAT DOES TITLE INSURANCE INSURE?
Read on: Why title insurance is a sometimes-costly evil – By Robert J. Bruss, Inman News, by way of The Boston Globe
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Updated: January 2018