Thursday, December 6, 2018

All Cash Deal - Time to Save on Title Insurance?


One may think that Title Insurance is an unnecessary cost in a real estate transaction. After all, what can go wrong if you have excellent sellers' disclosures, and all looks so good and simple?
Title Insurance is mandated by the bank when one has to finance the purchase. But it is not mandated when one buys cash: in that case, it is up to the buyer to request Title Insurance.

There are many reasons why it is not a great idea to purchase without Title Insurance, and they are well summarized in this post from Cornerstone Title insurance.

Getting Title Insurance is the only way you can have some vision on the history of the property, and whether or not it has liens or encumbrances.  I also personally think it is a good idea (i.e. a very good idea) to talk to the Title company and ask questions about the preliminary title report and what it means exactly, when you are in contract to purchase a property.

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