Closing on a house today: Have the option to get personal title insurance for the next 30 days. Should I?

[GtPrOjEcTX]

One time fee that is to protect me for the length that I own the home should there have been anything not picked up when a home report was done. Should be like $160.

Waste of money?

 

[x RiSE x]

YES! its worth it! my brother just bought a house and did not get the extra insurance and the next month the basement flooded!! IMO get it.

 

[GtPrOjEcTX]

I think you're misunderstanding what I'm asking as title insurance would have been no benefit to your brother for a flood...

Here's what title insurance is:

"Title insurance helps protect you against future losses related to real estate title arising out of events that have happened in the past, such as forgery, incompetency of grantor or mortgagor, unknown heirs, fraud and human error.

Title insurance remains in effect for as long as you own the property. Unlike other forms of insurance, the premium is paid only once, usually at closing. You pay no annual renewal premiums."

 

[x RiSE x]

opps hehe well just pretend my post says ^bump

 

[GtPrOjEcTX]

wow, I got nothing during the night....

 

[StageLeft]

I don't think we got it, since it was a new house. I would have thought that whoever checked your title - whatever agency did it - would probably have offered in free guaranteeing when they did it?

 

[GtPrOjEcTX]

I really have no idea who checked my house. Realtor/home loan place took care of it.

That's definately something I'll ask my realtor though.

 

[Kelemvor]

Ask your Realtor... Or call your Mortage person or someone in the industry. They can probably tell you more about what it's good for...

 

[Garet Jax]

If I understand you correctly, you absolutely must get title insurance.

 

[dman]

Good question, I dunno. What's it cost?

Not the insurance, the house?

 

[GtPrOjEcTX]

did you guys not even read my first post? what its for is in the 3rd post, how much it costs is in the first post, and I already said I was going to ask my realtor.

GaretJax, I have to pay for the lender to have title insurance for them, this is for my own personal safety.

 

[TripleAAA]

Vic needs to chime in on this one. He can give you a straight answer I'm sure.

Edit: I'd like to know as well since my new house will be finished and closing in late May.

 

[allisolm]

Seems like $160 wouldn't be a lot to pay for the peace of mind especially when you compare it to the price of the house.

There already should have been a title search done before closing, so this would just be insurance against their having missed something the first time around. I suppose it depends on how much you trust the title search to have found anything relevant.

I have purchased several houses - new, used, through realtors and from owners and have never purchased or needed it. I could have just been lucky.

 

[cliftonite]

Will a bank let you close without title insurance?

 

[ElFenix]

Originally posted by: cliftonite
Will a bank let you close without title insurance?

the banks already has theirs. theirs doesn't protect him.

 

[lancestorm]

You can get a title at any time. The first 30 days they try to entice you with a lower cost to you. I didn't buy it. Don't plan on it. Taking chances that the mortgage people are competent and that someone doesn't come up with a deed for the land from the 1800's...

 

[GtPrOjEcTX]

Well, I'm now a homeowner.

Turns out (if the attorney was right, which I can hold him to it) that the title insurance I paid for for the lending company also covers me, so my realtor was wrong (doesn't surpise me as she does most of her jobs in a different state), and I'm covered without paying any extra.

 

[TMPadmin]

I got it on my house. But there is a known issue with the land that it COULD still be held by the family of the original owner back in the 1800s. I'm protected!

 

[DBL]

I closed on a condo in February of 2003. My lawyer advised me to take the title insurance if any ONE of the three conditions exist.

1) Estate Sale (The owner died)
2) Divorce Situation (Estranged wife inherited it)
3) Title Problems (Guy had multiple liens against the property)

In my case, I had all 3 situations so I bought the insurance.

 

[FoBoT]

you are required to get title insurance to protect the lender, but you Should also get it to protect yourself

the answer is

Yes

 

[DBL]

Originally posted by: FoBoT
you are required to get title insurance to protect the lender, but you Should also get it to protect yourself

the answer is

Yes

I believe (as it was in my case) that this is something different. This is extended protection and is not necessary in all (or most) cases.