Title Insurance does not cost- it pays. There could be many subtle and unforeseen claims that are easy understandable- especially when buying from a developer direct.

Hello Elen:

With the often dire financial condition of many of today's home builders, not purchasing a title insurance policy may have undesired consequences. As several others pointed out, unless you can assure yourself that there is not now nor will there be in the near future any claims against the developer or the property by the subcontractors or vendors with a vested interest in the community, not having title insurance can expose you to those debts without coverage.

Further, as my old law professor used to say to me, there is no land in the United States that was not previously owned by another country and that always brings the issue of "title" into question. For example, California was owned by the Spanish and Mexico, and Florida was similary owned by the Spain. While there has been legislation and treaties with other countries in the 200 plus years the US has been around to protect land rights, because the US bought these lands and they were originally owned by someone else, there is always the possibility of a title problem at some time in the long chain of land sales that can rear its ugly head at a later date.

While it does seem that this may be a poor use of money, know that with title insurance you are protected against those who might seek to assert claims against your property and land ownership, and by having the insurance, you are protected later when you try to sell the home and a title issue should occur.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty

Hi Elen,

Just like the others have said, title insurance will protect you from something even the current owner may not be aware of. Why risk your home to the chance that some unknown person may decide they have a previous valid lien on this new property. Get title insurance.

When I was much younger a friends father had a lot of life insurance on himself, he was the bread winner. There was no insurance on the mother, after all, she didn't work or earn any money. Why buy life insurance for someone who had no income. When the mother died and the father had to hire a nanny/houseskeeper to take care of the children, the value of not having life insurance for the mother was realized.

Insurance is there to protect you from the unknown / unexpected things that life throws at us. Get a title policy.

Nadine Mauro
The Herman Group Real Estate
561-414-0864
NadineMauroRE@yahoo.com

Any leans on the builder?

When the purchase was made by the builders, what were the terms, any outstanding leans on seller?

What studies on the mineral rights of others have you conducted?

Are the survey up to date with elevations and accurate, and was your house built in the right place, or might it be "Next Door" as well

When builder bought, was the title clear, with no possible 3 rd party claims about?

Elen, I GOT TONS MORE!!!

"Title Insurance, don't leave home without it!"

Your best advise as we don't have a clue of who , what you talk about is to see your attorney, and he can explain and make suggestions and legal judgements beyond
Real Estate sales people. We have no suggestions of law here.

John

The purchase of a home is said to be one of the most important decisions a person will make. With so many different aspects to worry about, title insurance can often be overlooked. The purchase of title insurance can end up saving you thousands of dollars and can prevent potential problems in the future.
Title insurance guarantees that no one else can claim your property. It also provides the peace of mind that you will not incur unexpected debt from your new property. Even if you have owned your property for years, unexpected problems can arise that may put your ownership in jeopardy. The title insurance policy means that your lender can be reassured regarding their loan and you can be reassured regarding possible problems with your property.
There are numerous problems that can arise when buying a house. A previous owner could have taken out a loan on the property, which would become the new owner's debt In a separation or divorce, the previous owner could have taken out a mortgage without the knowledge of their partner. A lost heir could appear and stake a claim to the property. Title insurance protects new owners from all of these claims.

hi again.......it is probably more important than ever....you will not obtain mortgage financing without a title committment without standard exceptions....even if you paid cash, the cost of title insurance is something you should welcome paying..along with obtaining a warrant deed.....best regards...bob mclcure- success mortgage partners- plymouth, michigan.....