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Old 08-28-2007, 07:32 AM
340 posts, read 1,578,512 times
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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.
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Old 08-28-2007, 08:46 AM
Location: Just south of Denver since 1989
11,840 posts, read 34,485,074 times
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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.
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