Title Insurance (loan, new home, buy)

[nickandy]

"Get an owner's title insurance policy that covers you, not the lender, if your ownership is successfully challenged. "

I wonder how many of you new homeowners got this?. This is NOT the same was what the lenders charge you. That is to cover their loan. This is to cover your house. This will obviously cost you additional bucks but am wondering how many got that and whether it is madated and/or highly desired in NC.

[DanielChang]

Andy, there's two title policies included in the transaction : one for the lender and one for homeowner. Both are usually obtained; the lenders in the amount of the loan and your policy in the amount of the purchase price.

[KellyCrash]

we got it. i wouldn't buy a house without obtaining the owner's coverage.

First American - 70+ Ways to Lose Your Property

[nickandy]

Originally Posted by jinxor

Andy, there's two title policies included in the transaction : one for the lender and one for homeowner. Both are usually obtained; the lenders in the amount of the loan and your policy in the amount of the purchase price.

Thanks Jinxor. The home owners title policy is optional in Mass. But I went ahead and got it anyways, even though my house was new.

[saturnfan]

Good thinking.

Even if the house is new, the land isn't and title to it could be clouded.