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Old 03-11-2014, 04:23 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,267,944 times
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Quote:
Originally Posted by evilnewbie View Post
That's the point, how much risk am I willing to leverage... If its very low risk, I wouldn't bother but if the risk is higher than I would... I have minimum on my car insurance because I don't believe I would ever need it... I pay a little bit more on my health insurance because I know that I will need it eventually... title insurance in this situation, makes me think it really isn't needed at all.. too low of a risk...
$1000 buys you about $250K worth of title insurance around here. Cheap at twice the price.

Last edited by DMenscha; 03-11-2014 at 04:35 PM..
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Old 03-11-2014, 04:39 PM
 
Location: Denver & Boulder regions
166 posts, read 410,691 times
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Quote:
Originally Posted by dontaskwhy View Post
I strongly advise Title Insurance on all Real Estate transactions with the possible exception of a "Quit Claim" to a family member.
... and I wouldn't leave that to chance, even if it were a 'trusted' family member! One should be careful about using them; remember QC deeds don't offer any warranty and also using such could null and void the title insurance. Every title company and their insurance is different so if anyone is intending on using a QC one should always check with the title company first if its ok and won't affect the coverage!

Quote:
Originally Posted by evilnewbie View Post
I am about to purchase a property that currently sits in a trust with 5 different beneficiaries. They have all agreed to sell it to me. Is title insurance even necessary in these situations? I bought a foreclosed home without title insurance and there have been no problems and was thinking that properties in estate trusts should be similarly without problems...
I always advise title insurance, even more so with bank owned and estate scenarios. (Banks will commonly convey by special warranty deed which warrants the property's title during the time they owned it but nothing prior to them is warranted, which is why you want coverage). Similar to bank owned, an estate may convey title and warrant it whilst they were in legal ownership of it, so pay attention to the type of deed being offered and seek professional counsel about that! Even if it appears low risk, there are too many things which can affect title; its not just the physical house but the land and borders it sits on which are at stake.

There are many title insurance companies offering various coverage - no policy is alike. And yes, there have been junk policies issued which cover nearly squat due to clever wording on their part; so you need to read the coverage and exceptions carefully. IMO stick with a strong, reputable company and not one out of your state etc, words like 'generic' and 'any or all', 'not limited to' pay close attention to what they are referring to b/c chances are it may not cover crap!

While I think about it, also due a bit of diligence with neighboring properties and owners and check their title history too - just to make sure no easements or agreements etc were made which got recorded with the wrong owner and property; mistakes happen. That happened with a friend of mine where what appeared was a shared drive and access but nothing was recorded on their property indicating any right of way - the neighbors had such agreement recorded on their property (it got recorded with only the 1 property but a claim is a claim) ... title company wrote a check.
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