Just about to buy a house in Middlesex county - all is good except one question - is owner's title insurance worthwhile? It is over

Asked by Cheryl, Nya, MN Mon Jul 25, 2011

$2K.....thanks! I keep on hearing it is good for "peach of mind" but don't understand why it is needed if the title search was done properly....

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John Sacktig, Agent, New Jersey, NJ
Mon Jul 25, 2011
:) "peach of mind" !!!!

Yes, you "have to" get a titile insurance pollicy to protect your investment in case something is missed or .
probles that as Don had note below, that won't show up o the title search.

And you can shop around for a company on your own.
2 votes
Mary Petti, Agent, Edison, NJ
Mon Jul 25, 2011
Cheryl,

WIth such a big investment as buying a home, title insurance is the best $$ you can spend for peace of mind....
$2k sounds a bit high, so shop around a bit....but even at $2000 it's worth the investment !!

Good luck with your purchase !!!
1 vote
Don Tepper, Agent, Burke, VA
Mon Jul 25, 2011
That figure may or may not be high. You can shop around for title insurance.

However, it is worthwhile. And it's for more than peace of mind. It's to protect you if the title search wasn't done properly. (A surprising number aren't.)

It also can protect you if there's some problem that wouldn't show up on title insurance. Example: The seller was previously married, and the previous spouse (or child) asserts an ownership right to the property you've bought. Or an undiscovered will suggests that the seller wasn't the sole owner.

There are other examples, too, of why even a properly done title search would disclose a problem that--with title insurance--you could be protected against. Your lawyer or Realtor can give you other instances.

It's worthwhile. But feel free to shop around.

Hope that helps.
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Thu Jul 28, 2011
Your lender will require it to protect their collateral - so yes, it is required. It is a big price tag, actually one of the major costs you incur, but is necessary. Think of it as insurance of the past - while most insurance is for future events, title insurance guards you against issues of the past. As with so many things, if there are no issues, it seems a silly investment, if there are questions of ownership/liens, it is clearly money necessarily spent!

Best,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Gerard Carney, Agent, Spring Hill, FL
Mon Jul 25, 2011
It is protection you need to have otherwise any Tom Dick or Harry can come a knocking asking you to pay on the lien they have on your home. Yeah it was the previous owners but you own the property now and we want our money!
0 votes
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