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Trulia Jacks…, Other/Just Looking in Jacksonville, FL

Does a buyer need title insurance if they're paying cash for a new-build home?

Asked by Trulia Jacksonville, Jacksonville, FL Thu Jan 31, 2013

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It is best to have a title policy to ensure there are no liens on the property/land.
In some cases builders will contribute towards buyer's closing costs, so the title insurance policy would be paid for by the builder.

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We are a husband and wife team and both born and raised in Jacksonville, lifelong residents. We have worked with many of the new home builders and have a solid relationship with them.

We can assist you in negotiating with a builder on sales price and costs. In some cases when paying cash, the builder will adjust some of the cost and give the buyer an incentive when paying cash.

Contact us for more information and a free buyer's consultation on building and purchasing a home. We here to assist you every step of the way.

Nina and Bill Bay
904-553-8518 or email: ninabay@comcast.net
0 votes Thank Flag Link Fri Feb 1, 2013
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Isn't if funny how everyone complains about realtor commission, Mortgage Broker commission, appraisal costs, processing costs and every other costs, but everyone lays down and folds over like a wet towel and just pays Title Ins. like its in stone?

Contact me if you'd like a lower quote.

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0 votes Thank Flag Link Fri Feb 1, 2013
Hi,

Although when you pay cash there is no bank to "require" that you purchase title insurance or a survey, it's best err on the side of caution.

Ask the builder to provide title insurance and a survey. If they will not, ask the title company to arrange for these items to be provided at your cost. Better safe than sorry.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
0 votes Thank Flag Link Thu Jan 31, 2013
Be careful......a buyer "should" receive title insurance...but.....a builder "might" not provide it...check with an attorney to make sure.....but....it IS possible to sell a builder home without title insurance if you are paying cash....use care....use an experienced real estate agent.

Hickory and Donna Delegal
Oceanside Real Estate
startpacking@comast.net
(904) 732-7225
0 votes Thank Flag Link Thu Jan 31, 2013
Yes!. the owner needs to prove that he has marketable title to pass to you. The seller pays for it.
0 votes Thank Flag Link Thu Jan 31, 2013
To complete our previous answer.....MANY years ago...about 20-25 years there was a MAJOR problem in the area where the builder had not paid all debts....and the debts then became the debts of the new owners who did not have title insurance.....I do not know the outcome...but, I DO know a lot of money was paid to attorneys to solve this problem....title insurance for the buyer would have been cheaper and easier.

Hickory and Donna Delegal
Oceanside Real Estate
startpacking@comcast.net
h.delegal@comcast.net
(904)732-7225
(904)463-5664
0 votes Thank Flag Link Thu Jan 31, 2013
Not if they don't mind having other claimants to the property!
0 votes Thank Flag Link Thu Jan 31, 2013
YES....be sure to get titile insurance AND a survey. You are not required to do either....but....you need to know that you have a CLEAR title and you need to know exactly where the boundry lines are.
Sometimes a lien or claim will be on a property without the seller knowing....it could be a mistake or it may be real. Title insurance will protect your ownership.

Hickory and Donna Delegal
Oceanside Real Estate
startpacking@comcast.net
h.delegal@comcast.net
(904) 732-7225
0 votes Thank Flag Link Thu Jan 31, 2013
Best to check with a real estate attorney who will have your best interests at heart. Many will give opinions, but it's your money at the end of the day. If you are in Jacksonville, I can recommend several reputable lawyers.
0 votes Thank Flag Link Thu Jan 31, 2013
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