5,244,229
Only a cash buyer could do so. It is not advisable to break the chain of title as it will cause problems upon disposition.
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Miriam Odegard
Indianapolis, IN
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Steffy Hristova
Tempe, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
1,078,351
Yes, but it depends
You have owners title insurance and lenders title insurance
To get a loan, lenders title insurance is going to be required
An owners policy is something I Strongly suggest, especially for buyers (For refi's, an owners policy shouldn't be pushed, in my opinion), but it is optional.
I've had buyers ask about waiving it, but after discussing what it does, costs, and what could happen if they don't have it, they've chosen to opt into a buyers policy 100% of the time
And the persuasion is easy - this is a one time fee, it protects the heck out of you, and though you'll likely never need it, if you do and you don't have it, you're going to regret this decision more than most others.
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Steffy Hristova
Tempe, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Pete Xavier
Pacific Palisades, CA
-
Jerrill Ewing
Eatonton, GA
-
Kris Collis, Associate...
East Stroudsburg, PA
-
Margaret Rome Baltimor...
Pikesville, MD
3,864,516
The lender requires title insurance. The buyer has a choice. Would defini have them sign that they declined.
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Miriam Odegard
Indianapolis, IN
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Lyn Sims
Schaumburg, IL
-
Nina Hollander, Broker
Charlotte, NC
-
Kris Collis, Associate...
East Stroudsburg, PA
-
John Meussner
Fair Oaks, CA
2,785,276
Chain of title for property can be easily-clear (1-2 owners) or have changed hands many times. Lien periods travel with them too. How do we know for sure? We take out insurance so as not to be bothered with nagging thoughts or real-live claims. Also lenders may insist on insurance. I have only made a claim once and it was for $5000.00. The title company wrtoe me check and then went after the claim in that order. Worth it
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Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Steffy Hristova
Tempe, AZ
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Kris Collis, Associate...
East Stroudsburg, PA
1,554,377
Low fee, high risk. Seems like a huge risk for a seller to take and for what?
You can't take a buyer that is getting loan either, so you'd dramatically affect the buyer pool and price.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Donald Urschalitz
Jupiter, FL
-
Nina Hollander, Broker
Charlotte, NC
-
Kris Collis, Associate...
East Stroudsburg, PA
-
Thomas J. Nelson, REAL...
La Jolla, CA
3,416,038
I can give the facts and can tell them past experiences of how title insurance saved the day and the wallet. In the end the closing lawyer should provide the legal aspect of what it means
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Lyn Sims
Schaumburg, IL
2,402,139
Many times Alexandria Wentland . I always tell them I am a strong believer in the product BUT it's not our job to sell title insurance. If they don't want it then the conversation is over.
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Joan Cox
Denver, CO
-
Andrew Mooers | 207.53...
Houlton, ME
-
Peter Testa
Danbury, CT
2,072,993
The only time I've seen that (and I have seen it) is with a true cash deal.
Our area has attorneys on both sides of the transaction, and I allow the attorneys to explain the value of title insurance. I stay out of it.
-
Alexandria Wentland
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
1,325,249
I have never had a client turn down title insurance. If the purchase is financed, the lender will insist on title insurance for their risk. A buyer who does not purchase title insurance for their own protection is making an unwise decision. I will explain, with help from a title officer, if necessary, why title insurance is important for the buyer.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
Joan Cox
Denver, CO
5,115,873
No... if a mortgage is involved, they have no choice. They won't get a loan without title insurance. In cash deals, I've found that people who have that much cash available are pretty savvy about protecting their investments.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Brenda Mayette
Glenville, NY
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
420,003
Can't do a loan without it- never know who owns, what liens might show up, or the real legal.
"If you bought a luxury vehicle would you just trust the guy ?"
"You are buying the most expensive thing you may purchase, what if there is fraud and you lose all the money?"
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Kris Collis, Associate...
East Stroudsburg, PA
5,257,583
I haven't! Most don't have the option as Title insurance is required when obtaining a mortgage. Savvy investors are not often careless with their investment and would never risk a potential loss for such a small cost.
-
Peter Testa
Danbury, CT
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
759,785
I've never encountered a client of mine doing that. If they suggested it I'd say all I could to dissuade them. It's a really bad idea.
I would imagine that their attorney would be in line to persuade them otherwise; we're in an attorney state & they handle title.
That sort of thing happens more often when properties are bought with all cash at auctions by individuals without representation. Both cases I have seen the people got stuck with title issues that came up when they went to sell. I encountered them post-problem. The attorney I recommended to them did a great job of clearing up old title issues but it isn't easy & in some cases youre relying on the goodwill of those on the other end to release it. If the liens are from debts it is going to get costlier.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
921,504
When the buyer ACTUALLY has this option, I advise, "Without a title check and INSURANCE, you can not know if there is hidden debt attached to this property. What is at risk is not your purchase cash but perhaps a $350,000 obscured debt due on sale. The seller hopes to be out of town by the time the sale triggers a reaction. Here is a Tampa news article about buyers who are EXPERIENCED in buying 'deals' who had all their past gains wiped out."
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
1,847,621
In IL we do not get involved with this as we are an attorney state. Any 'talk' about title insurance might walk the edge of playing attorney. You are 'giving advice' without being a lawyer.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
1,325,299
In our county the seller pays for title insurance so buyers will always take it.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
2,195,063
I ask them - “When do you need Insurance?” Answer - Before you do ( need it
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Brenda Mayette
Glenville, NY
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
1,208,441
Yes, if no lender enrolled, each situation is unique.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Peter Mohylsky, Destin...
Miramar Beach, FL
3,140,848
First to hear about this type of scenario...Lenders require it and sellers provide it!
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Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
155,337
I am not sure if my broker requires them to sign a form, but I would have them sign a form saying that they have been advised to do this and are declining against the professional advice of their real estate agent. That way I would be covered if there was a problem.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Kris Collis, Associate...
East Stroudsburg, PA
637,484
That's a lawsuit ready to happen. I would not handle that client.
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Nina Hollander, Broker
Charlotte, NC
1,202,422
Nope! I do share examples I know of about people who had title insurance which usually works.
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Joan Cox
Denver, CO
-
Doug Dawes
Topsfield, MA
3,350,439
I have not in 17+ years ever had a client turn down title insurance.
You have some great comments here. I echo what many others have stated.
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
853,612
I leave all of that up to the attorney to discuss & advise.
-
Buzz Mackintosh
Frederick, MD
-
Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
3,168,134
sure and I don't always recommend it. Example, I have someone buying a lot on friday. she intends to build. So in 6 months when she closed again she will buy her policy then. Makes sense to not buy it now.
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Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
-
John Juarez
Fremont, CA
-
Jerrill Ewing
Eatonton, GA
613,494
Most of our clients hire us for our expertise...so I do not ask them if they want title insurance.
I also do not ask them if they want a home inspection...I just tell them all the things they need and they just do it. No pushback.
Most of the time they even ask me to decide on what to offer...
Actually, I like it that way.
Eve
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Kathleen Daniels, Prob...
San Jose, CA
2,246,135
All the time... attorney issues bank policy, the buyer can have an owner's policy but cost. If you are buying a $30,000 cape and not a 1.4 million dollar McMansion, the how you spend your money is scrutinized. Many buyers say if the bank has the title insurance, if there is a problem, it's their hassle until paid off. They don't plan to still be here when the mortgage would normally be retired so they make a business decision. Lawyer's errors and omission policy also is part of the belt and suspenders and how much insurance do I really need the buyers ask? It's between the lawyer, title company and buyer. Not my call.
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Doug Dawes
Topsfield, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Bob "RealMan" Timm
Minot, ND
5,879,125
In Colorado, they don't have a choice.
-
Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Bob "RealMan" Timm
Minot, ND
633,820
I did a Live & Learn blog on a real life title insurance story a few months ago.
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Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
1,506,773
Yes. We don't persuade anyone. We provide data and they make decisions.
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA
1,057,404
OK, questions:
A buyer not feeling they need title insurance?
A seller not wanting to pay for title insurance?
Owner's title insurance, right?
And what was the reason they didn't want it?
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Debe Maxwell, CRS
Charlotte, NC
-
Doug Dawes
Topsfield, MA