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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Did you need to get title insurance?
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Posted 6/20/10 7:52 PM  |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Did you need to get title insurance?
of course! everyone needs it- you shouldn't close with out it!
Message edited 6/20/2010 10:13:55 PM.
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| Posted 6/20/10 8:33 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: Did you need to get title insurance?
The short answer: Yes.
The nightmare we lived: There were issues with title on our house. The seller would not accept that they were on his end to resolve, basically his lawyer was a very aggressive beotch (who I will totally hire if we ever move!) and our lawyer didn't give a flying F because he was involved in something in NYC that was way more important than our house apparently. Soooo, when the first title insurance company said they couldn't guarantee clean title and the seller refused to admit fault we had the property surveyed and proved there was a piece of land in question (the seller apparently gave a piece to the neighbor but they never finalize the subdivision) Even after this he wouldn't admit that there was something for him to rectify, after all HE had gotten title. So after months of fighting and some awful letters from his lawyer we said fine and went through HIS title insurance company and surprise, surprise they wouldn't guarantee title. Only then did his PIA lawyer say, you have to fix this or the house can never be sold.
It took us 7 months to close 
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| Posted 6/20/10 9:04 PM |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: Did you need to get title insurance?
hmm....what am I mixing it up with? I'll have to look at the GFE..I thought something was optional, but highly recc'd to get...I will have to look again.
Thanks guys!
Message edited 6/20/2010 9:06:55 PM.
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| Posted 6/20/10 9:06 PM |
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NinaLemon
It's a boy!!!
Member since 10/07 6453 total posts
Name:
Jeannine
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Re: Did you need to get title insurance?
Usually a home inspection is optional but highly recommended.
Could also be pest/radon inspections, some banks require them and some recommend them.
We got all three on each house we were under contract with, we actually backed out of the first contract because of things found during the inspection.
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| Posted 6/20/10 9:14 PM |
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CAMCaps
Live Laugh Love Run
Member since 6/07 4922 total posts
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Re: Did you need to get title insurance?
Posted by rileysmama
hmm....what am I mixing it up with? I'll have to look at the GFE..I thought something was optional, but highly recc'd to get...I will have to look again.
Thanks guys!
Title insurance is optional, but highly recommended. At least, that was the case when we bought our house in November.
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| Posted 6/20/10 9:49 PM |
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LSP2005
Bunny kisses are so cute!
Member since 5/05 19461 total posts
Name:
L
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Re: Did you need to get title insurance?
I just wanted to post this so you know what happened to my neighbors. They were told by someone that you don't need insurance right away, well their house burnt to the ground 8 days after they closed. EIGHT DAYS. They did not have insurance. So all of the upgrades that the prior owners put in, they lost out on. The only got their house rebuilt to spec because that is what our housing association fees would pay for. Moral of the story, they wish they had the insurance because they had to pay for all expenses while they were out of their house for almost 2 years plus they still had to pay the mortgage on an inexistent house.
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| Posted 6/20/10 10:32 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Did you need to get title insurance?
Posted by LSP2005
I just wanted to post this so you know what happened to my neighbors. They were told by someone that you don't need insurance right away, well their house burnt to the ground 8 days after they closed. EIGHT DAYS. They did not have insurance. So all of the upgrades that the prior owners put in, they lost out on. The only got their house rebuilt to spec because that is what our housing association fees would pay for. Moral of the story, they wish they had the insurance because they had to pay for all expenses while they were out of their house for almost 2 years plus they still had to pay the mortgage on an inexistent house.
you can't close on a mortgage with out the house being insured
Title insurace is for the title search to be good
meaning that in 5 years a creditor of the old owner can't come back and claim rights to the property
you should get a market value policy
let's say you paid $250k for your house
and now with this happens it's worth $500K
you would be covered for the $500K - not the $250k
ask your attorney to explain this to you
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| Posted 6/20/10 10:37 PM |
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