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to remove that house ,which is what the village demanded was estimated at 70- 100k .luckily they did have title insurance which paid for the removal from what was a survey error just surfacing now . .
Let me ask something (trying to just get better educated here)
How did he get title insurance in the first place?
Did the title company just miss the erroneous survey in which case they were liable and so paid.
We currently have an issue here where two sales were lost because the specific title company would NOT issue because of known liens and what they determined were 'too vague' waivers, even with an estimated escrowed amount.
Another company IS issuing for all other issues but excepting the lien from coverage.At the point, it's up to the buyer to decide whether or not to proceed,
The OP needs to determine whether title insurance is even an option. I've never known of someone obtaining title insurance after they owned the house, but I suppose it's possible if the title company would agree to an insurable value. I've only inherited a couple of properties and in both cases I knew the title was good so I had no thoughts about even investigating title insurance.
My buddy and I both bought lots in the same area of the southeast. This area was largely developed on lands that were largely taken by eminent domain from long-time farming families for a large public project several decades ago. Prior to that, it was lands well known to be capital cities (villages) for prominent Native American tribes.
I did not hesitate to buy a $200 title insurance policy. My buddy figured since others had bought/purchased the lot prior to him, any title discrepancies were long-ago cleared up. He opted to save himself $200.
Last week he was notified that the purchaser prior to him was missing a notarized document that was required before my buddy could begin building. In addition, it was discovered that something else was awry from the transaction 3 transactions back prior to his.
He has spent the last couple of weeks stressing over it and trying to find a way out of the problem. If he is unable to do so, he is left with tens of thousands of dollars tied up in a lot upon which he can neither build, nor sell.
Is title insurance worth it? Every. Single. Time. Especially if you like to sleep well at night.
The more I ask for statistical data and the more I get back anecdotal examples the more convinced I am that title insurance is a scam, in most cases.
I respectfully disagree.
The overall cost vs. benefit is definitely weighted toward having it IMHO. Much cheaper than trying to get problems fixed later. There are too many nightmare stories that I have read even in this forum to make me want to warrant purchasing title insurance for all current and future real estate purchases.
Like any insurance, even if you are not required to carry it you need to ask yourself if you are willing to take the risk. Never assume your decision applies to everybody else.
Personally, I'd have a title search done by a paid professional. Its a skill and many things can be missed if not done professionally. Not for armatures.
The overall cost vs. benefit is definitely weighted toward having it IMHO. Much cheaper than trying to get problems fixed later. There are too many nightmare stories that I have read even in this forum to make me want to warrant purchasing title insurance for all current and future real estate purchases.
Like any insurance, even if you are not required to carry it you need to ask yourself if you are willing to take the risk. Never assume your decision applies to everybody else.
I don't see how you can weight it one way or the other when you apparently can't provide any data either.
And your last sentence is precisely what I would say to you and others saying you should always get it. Every. Single. Time.
How many of you have sinkhole insurance? I mean, if you can't live with even a remote risk when so much is at stake, then surely you do.
I don't see how you can weight it one way or the other when you apparently can't provide any data either.
I am only offering my opinion, both as a previous home buyer twice and as a former realtor. I don't have a statistical reason to offer to anybody. The horror stories I have read and disused with other realtors is evidence enough for me.
I am only offering my opinion, both as a previous home buyer twice and as a former realtor. I don't have a statistical reason to offer to anybody. The horror stories I have read and disused with other realtors is evidence enough for me.
I don't recall seeing your data either.
I am the one asking for data from those who recommend it. I would have thought the real estate professionals here would have known that right off the bat, but either they are as ignorant as the general public on it or for some reason they don't want to reveal the data.
At least you have confirmed that your viewpoint is based on anecdotal horror stories rather than analysis of the actual risks and data. I haven't advised anyone to get it or not get it.
So do you have sinkhole insurance?
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