Home Insurance in Las Vegas>Question Details

Noam, Both Buyer and Seller in New York, NY

Title insurance??

Asked by Noam, New York, NY Wed Mar 14, 2012

Do you always need to have title insurance when you buy a property?
what exactly does it cover? how much a month is it?

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Answers

11
Although the chances of being challenged on a title are very low, the answer to your question is yes and yes. Yes, if the lending institution you are taking a mortgage from requires it, then absolutely, but they may only require lenders coverage, which means YOU are not covered in case anyone pops up 10 years later and screams the property you just lived in for the last ten years is theirs! There are two portions of title insurance (at least in NYS), they are lender and owner coverage. Owner coverage is less expensive and if you can swing it might as well pay the extra dollar for your coverage.

The other reason is even if you are buying all cash you still want to get title insurance, but not because that someone could come along later and say the property is mine and not yours, rather when you buy the insurance, the lawyers work SUPER hard to make sure there is not the slightest defect in the chain of title, because it is THEIR obligation to defend you for free if anyone pops up later. If you do not buy title insurance the attorney would typically issue an opinion of title and best of luck if he dug deeply into the title to make sure you can sell it later with a clean title. Kind of like a $500,000 cellphone with a bad ESN. Worth the 1k, wouldn't you agree?
1 vote Thank Flag Link Thu Dec 12, 2013
SEARCH: http://www.Las-Vegas-Real-Estate-Home.com

Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
Realty One
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
Direct: 702-580-9198
Fax: 702-614-9337
E-mail:smokey25@cox.net
http://www.Las-Vegas-Real-Estate-Home.com
http://www.PhilScheinman.com
0 votes Thank Flag Link Tue Apr 9, 2013
Noam..If buying cash than you don't need title insurance...BUT..its recommended to have since a property without title insurance has no coverage against any claims of liens, title defects and etc.

If financing, than the lender will require to have a title insurance.

In most cases, the seller pays for the title insurance in Las Vegas. The cost of the title policy ranges between companies and is based on the purchase price.

I will be happy to provide you with the fee schedule . Please send me an email to cvegashomes@gmail.com



Rena Levy

Broker/Associate

Realty Executives of Nevada

702-612-7099

cvegashomes@gmail.com
0 votes Thank Flag Link Wed Mar 14, 2012
Yes, you need to have title insurance. Unless you are a gambling person, you must have it. This is what protects your home that you are buying from people that might have liens on it. IT IS A MUST.
0 votes Thank Flag Link Wed Mar 14, 2012
The Owners Title policy is paid by the seller. It is needed to convey the home with clear title to the buyer.
The Lenders Title policy is paid by the buyer and covers his lender in case of default.
Kelly Stafford
Prudential Americana
702-460-6034
Kelly@VegasHomeExpert.com
0 votes Thank Flag Link Wed Mar 14, 2012
Protect yourself. This is a one time fee. It insures your property is conveyed with clean title.
0 votes Thank Flag Link Wed Mar 14, 2012
You must always protect your investment by having a clear TITLE. You want to make sure that there are no clouds on the title.Title insurance is a one time fee.
0 votes Thank Flag Link Wed Mar 14, 2012
Title insurance is a one time fee. The prices vary according to the loan amount. The lender will require a lenders policy. I always recommend that if your title company offers a upgraded policy to purchase it. It may cost $ 50.00 dollars more but the additional coverage is worth it. If you are going to move the property into a trust or LLC make sure your policy will still cover the property. The enhanced policies usually cover such a transfer. I would recommend purchasing title insurance.
Thank You
Suzie Marquardt
Fahrnyteam@yahoo.com
0 votes Thank Flag Link Wed Mar 14, 2012
Not if you are a river boat gambler.
0 votes Thank Flag Link Wed Mar 14, 2012
It's a one time fee and normally runs $575 for the first $100K, then $5 per $1000 over that threshold. If you exceed the $1M mark, you get to drop down to $2.50 per $1000.

Prices may vary by market, but this should give you a reasonable estimate for the expense to be incurred at closing.
0 votes Thank Flag Link Wed Mar 14, 2012
Prices vary. A lender will require that the lenders portion have title insurance to protect them, the buyers portion is optional but usually much cheaper since it just covers your down payment which is less than the mortgage amount. Title insurance is a one time insurance policy that protects against errors, defects, omissions, etc in the chain of title for the property while you own it. It's worth having although you will probably never need it, but if you ever did it is invaluable and why the lender requires it.
0 votes Thank Flag Link Wed Mar 14, 2012
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