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?
Phil Scheinman, ABR, GRI, E-PRO
Broker * Sales Agent * Realtor
2831 St. Rose ParkwaySte. 100
Las Vegas, NV 89074
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 firstname.lastname@example.org
Realty Executives of Nevada
The Lenders Title policy is paid by the buyer and covers his lender in case of default.
Prices may vary by market, but this should give you a reasonable estimate for the expense to be incurred at closing.