Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 08-28-2007, 07:32 AM
 
340 posts, read 1,578,512 times
Reputation: 90

Advertisements

I am in the process of closing a NEW condo unit in a NEW highrise. On closing paper is an item called "Owner Insurance" in addition to "Title Inusrance Bank". I was wondering if I need to pay for "Owner Insurance" even though lender gets title insurance already. I thought it was redundant for me to buy this insurance if the lender was satisfied with clean title and the amount is exactly the same. Also if there is any problem with builder, lien would be placed on entire building instead of my unit. Any advice, please? Thanks in advance.
Reply With Quote Quick reply to this message

 
Old 08-28-2007, 08:46 AM
 
Location: Just south of Denver since 1989
11,840 posts, read 34,485,074 times
Reputation: 8996
In the event of an issue, your lender would be covered. But you would be left with nothing.

In a new building you always have to worry about mechanics liens and other lawsuits...even building upon land that is not owed by the builder/developer.
Reply With Quote Quick reply to this message
Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top