How does Title Insurance work on a cash deal?

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Real Estate Agent with RE/MAX Crossroads

I have been reading other blogs and it has raised some questions of my own . One I read was about title insurance . How does in cover on a cash deal ? How long is it good for ? Does the client get the some coverage as someone who has financed through a bank or mortgage company ? I ask these question for future referrence . Your comments are greatly appreciated .

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Title insurance is no different on a cash deal.  You just don't have to cover a mortgage company. 

The risks for the owner is still the same.  The only difference is that the mandatory coverage for the lender isn't there.  The cost is almost the same because the risk is the same.

 

Jun 06, 2007 02:57 AM #1
Rainer
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Patricia Greco
Hacienda Home Sales - Anaheim, CA
I would check with your title rep on the coverage for NC. They can probable explain it the best.
Jun 06, 2007 03:28 AM #2
Rainer
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Alan Lacey
Alan Lacey- - Grand Rapids, MI
Well I would think that the buyer wouldn't want to bother with title as the owners policy paid for by the seller ( in michigan at least0 would reveal and title defects and they could sure the title co. if it missed it. Title coverage is really only of benefit to a lien holder, but every state has some differences
Jun 06, 2007 06:52 AM #3
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