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What's your thought on Owner's Title Insurance? I'm contemplating whether to buy it or not to buy it.
Owner's title insurance protects you from someone contesting your ownership of the property. The lender purchased title insurance does not protect you as the owner of the property, it only protects the lender.
As which party? Buyer or Seller? How long has the seller owned this property? Does the seller have an owner's policy from when they bought it?
I would never own a property without a title insurance policy.
I'm a buyer. The sellers owned the home for about 2-3 years and I don't know whether they had owner's title insurance or not. I think the current owner(s) did renovation without permits. Based on that fact alone, I think it is a good idea to spend on the title insurance.
I'm a buyer. The sellers owned the home for about 2-3 years and I don't know whether they had owner's title insurance or not. I think the current owner(s) did renovation without permits. Based on that fact alone, I think it is a good idea to spend on the title insurance.
I agree, I wouldn't buy property without getting owner's insurance. Be sure the policy you get includes coverage for permit issues. Most standard policies don't without paying for expanded coverage.
Thanks. I asked my closings attorney to get the Eagle policy from First American which add additional coverages...
The EAGLE Policy is our most comprehensive coverage. Subject to availability in your area, the Eagle Policy covers all of the risks listed above, plus these:
Post-policy forgery against the insured interest.
Forced removal of residential improvements due to lack of an appropriate building permit (subject to deductible).
Post-policy construction of improvements by a neighbor onto insured land.
Damage to residential structures from use of the surface of insured land for extraction or development of minerals.
Thanks. I asked my closings attorney to get the Eagle policy from First American which add additional coverages...
The EAGLE Policy is our most comprehensive coverage. Subject to availability in your area, the Eagle Policy covers all of the risks listed above, plus these:
Post-policy forgery against the insured interest.
Forced removal of residential improvements due to lack of an appropriate building permit (subject to deductible).
Post-policy construction of improvements by a neighbor onto insured land.
Damage to residential structures from use of the surface of insured land for extraction or development of minerals.
#3 is a very interesting point. I generally run, when I see a mis-match in assessor square footage v. actual. Would be something to consider if it was covered. How much is the deductible?
In Arizona it is customary for the seller to provide an owner's policy. Same with Nevada, but I had some Canadian buyer's that checked the box, and I sure didn't complain.
Given how many homes have had their titles get cloudy in recent years as a result of the mortgage meltdown, I wouldn't go without one these days. At the very least, they'd be one more organization to fight for you when Bank of America tries to foreclose on a house they've never written a mortgage on.
What's your thought on Owner's Title Insurance? I'm contemplating whether to buy it or not to buy it.
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