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Old 08-09-2018, 07:38 PM
 
21 posts, read 35,843 times
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We are very close to closing on a new Toll Brothers house in Frisco. My title company is charging 1000+ for title insurance. Do I really need that? I would assume that no one can claim ownership of this house since I will be the first owner and Toll would/should have enough paperwork in place that no one can claim the land/lot. Am I missing something?
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Old 08-09-2018, 08:04 PM
 
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Quote:
Originally Posted by NYfaninCowboyLand View Post
We are very close to closing on a new Toll Brothers house in Frisco. My title company is charging 1000+ for title insurance. Do I really need that? I would assume that no one can claim ownership of this house since I will be the first owner and Toll would/should have enough paperwork in place that no one can claim the land/lot. Am I missing something?
You need it.
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Old 08-09-2018, 09:05 PM
 
Location: Mostly in my head
19,855 posts, read 65,802,767 times
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Anyone can claim the land. You need it.
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Old 08-09-2018, 09:13 PM
 
Location: New Braunfels, TX
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It will also help protect you against subs trying to file a mechanics lien against the property for non-payment. Yes, you need it!
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Old 08-09-2018, 11:09 PM
 
1,447 posts, read 1,484,640 times
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Yes you need it......cheap insurance.....saw a claim about a year ago that builder built the home on the wrong lot. No title insurance, no survey coverage....you could loose the house.
Plus if you are getting a mortgage it will be required.
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Old 08-10-2018, 05:12 AM
 
21 posts, read 35,843 times
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Thank you all for your responses. Let me clarify. There are many line items in the closing disclosure. "Lender's Title Insurance" is 4K and marked as mandatory. "Title Insurance Endorsements" and "Title Tax Cert" are also mandatory.

The one I was asking about is "Owner's Title Insurance" listed as optional
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Old 08-10-2018, 05:46 AM
 
24,479 posts, read 10,804,014 times
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With it the title company underwrites the research provided. Save a 1000 now and have a long forgotten claim show up one day. It is your peace of mind that you own the land, in TX generally not the mineral rights.
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Old 08-10-2018, 06:16 AM
 
21 posts, read 35,843 times
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Thank you. I guess its not worth taking the risk. The Wikipedia page on this topic is pretty thorough

https://en.wikipedia.org/wiki/Title_insurance
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