What the heck is title insurance when you buy a house? It costs like 2k and it is optional but all the lenders recommended it. #mortgage #housing
If you buy a house and then someone claims that they are the real owners, this is where title insurance pays out
It is worth to protect you (and dominantly lender) against any missed lien, heir, dispute against presumably clear title of a current owner.
Tl;Dr seller may have a loan that they don't tell anyone about.another bank can come and say they own half your house. Title insurance will resolve this. Without it, you may be on the hook for hundreds of thousands of dollars. One reason why people suggest blockchain for real estate
Blockchain won't matter either. MERS exists and didn't solve title issues either. Who owns what is recorded at the county level and that has legal weight. Not some crappy blockchain with no legal standing or precedent.
Yep. Policy could accomplish the same thing
Oh heck yes, you don't want to deal with a lien or any outstanding debt against your new asset.
Title insurance pays for title fuckups. If you get a mortgage on a house and the mortgage closes but it turns out to have a messy title, well you still owe the mortgage even with no legal claim to the house. Title insurance protects against this. At the end of the day the ownership that matters is what is registered at the county office. It could be wrong in Mers. You could have bought off someone who said they inherited it until their brother shows up and starts a messy legal fight.
Sellers typically pay for title insurance
Does it make sense to get it, in case of New construction houses, if you're buying from the builder?
Any thoughts on the price? Our lender is offering for $1600. Where can we find something cheaper?
Hi nvidia, did u find anything cheaper? Can u please suggest
Optional?
You don’t know how to google? Let me help you https://www.google.com/search?q=title+insurance&ie=UTF-8&oe=UTF-8&hl=en-us&client=safari