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Title Insurance

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Real Estate Agent with Atlanta Communities 303302

In Georgia, when you close on a home, part of your closing costs are for lender title insurance and title insurance for the buyer. Its a one time cost and is good for as long as you own your home. I have had a few clients question whether or not to get the optional buyers title insurance and I always tell them to do it.

I have a seller right now that I sold them their home 6 years ago. We are under contract and the attorney called me yesterday to tell me they needed to fix a cloud on the title. Apparently several owners ago, someone left a home equity line open. Well, without title insurance, my seller might have had to pay extra attorney fees to get this corrected. Since they have insurance, it will cover the costs of taking care of this issue.

It does make me mad though, that the last closing attorney did not catch this. When buying a home, make sure you get title insurance. You never know when you might need it.

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Peter. What an important subject. It is also true that lenders in most states require title insurance to protect their interests. Cash buyers can decide but are well served to buy it too. You just never know.....

Aug 26, 2014 11:13 PM
Dale Bledsoe
Crown Key Realty - Tracy, CA
Realtor in Tracy, California

I agree 100%. I always make an explanation of title insurance a part of my presentation to prospective home buyers. Personally can not even image buying a home and not have title insurance.

Aug 27, 2014 01:35 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Peter,

So true, you just never know...Title Insurance can be worth its weight in gold!

Aug 30, 2014 07:16 AM
Andrew Mooers | 207.532.6573
MOOERS REALTY - Houlton, ME
Northern Maine Real Estate-Aroostook County Broker

Lawyers who push it sell it too. When the attorney has a multi million dollar errors and omissions policy, when the bank has a lender's policy they make you buy, the seller gives you a warranty deed they stand behind... there comes a point of belts and suspenders for insurance. Like the video you could pay 25 cents for insurance. In case the machine ate it, even though it was worn out. You can go overboard with title insurance. All makes sense, sound good, costs money and do you ALWAYS need it? In small rural money is tight markets, the lawyers don't push it, don't scare people and the price tags for a 20, 30K home don't warrant it all the time.

 

Aug 31, 2014 09:24 PM
Scott Hoen
Carson City, NV
Carson City Clerk Recorder / Public Administrator

So important to get the ALTA Homeowners policy as well that offers post policy protection - 

Oct 01, 2014 08:45 PM
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