Did you get Title Insurance? Is it worth it?

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Forum -> Inquiries & Offers -> New York related Inquiries

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Ashrei

Tue, Jan 04 2011, 8:16 pm

We're imy'h buying a house in Flatbush and a guy is doing a title search. He's charging over $300 for the search. Is that reasonable?

Also, he suggests we get Title Insurance. Did anyone else get that and feel it's worthwhile?

wtvr

Tue, Jan 04 2011, 8:22 pm

I didn't know it's an option not to.

emama

Tue, Jan 04 2011, 8:28 pm

Where I live there this is required. Sounds like a smart move either way.

QUEENY

Tue, Jan 04 2011, 8:31 pm

Where I live it is not option. We had to get it.

Earnest

Tue, Jan 04 2011, 10:14 pm

You can get majorly messed up if you don't get it. The insurance is useful in case the original property has tax liens on it or other legal murkiness. If it's not sell-able after you buy it, the insurance company promises to pay out... one of the parties. It sounds convoluted since I'm not a legal person but, believe me, it could be a life saver. Also, having a lawyer to handle the closing is crucial. Good luck with it.

sky

Wed, Jan 05 2011, 9:39 am

If you are getting a morgage you are required to have a title search done and get title insurance.
You don't NEED a lawyer (especially if there is no morgage) a good title company can do the closing for you for a fee. But many times it is smarter to just use a lawyer.

chocolate moose

Wed, Jan 05 2011, 10:39 am

You have to get it. And it's based on a percentage; another place won't be substantially cheaper.

imabima

Wed, Jan 05 2011, 10:44 am

We were advised to get Title insurance. As far as I remember it wasn't' too much of an expense, maybe $300-500?

Wed, Jan 05 2011, 11:21 am

you are required by law to have title insurance

Ashrei

Wed, Jan 05 2011, 2:50 pm

Are we talking about the same thing? The agent didn't suggest that it was required, and it's not 3-500, it's a little over $3k actually. He said it's a flat rate and no one can charge more or less.

wtvr

Wed, Jan 05 2011, 6:22 pm

Do you have a lawyer? You need one for closing, in NYS. Ask him. (Our lawyer took care of title search, insurance, etc.)

staten islander

Wed, Jan 05 2011, 7:13 pm

You must have title insurance. Let me give you a scenario. A couple buys a house together and then gets divorced. The husband is not around and the wife sells the house(which she cannot do, since its only half hers).You buy it and 6 months later the husband shows up.He is a legal owner and the house shouldn't have been sold without his permission.What do you do?You say:"Thank God I have title insurance!" The company is legally responsible to find out that the owner of the house is able to sell it and that there are no liens(claims) against the house.They would be liable in this case.
Mortgage insurance is like title insurance, but for the bank-it protects their investment.PM me if you need more info

Ashrei

Sun, Jan 16 2011, 6:52 pm

So we decided to get Title insurance thanks to everyone's advice.

Can someone recommend a guy who sells Title Insurance?

Thanks!

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