Closing on house next month.
Firstly is a cash deal.
House is newer (2020 build)
Owners are a couple Physicians moved out of state for work. They where first owners.
Deal was supposed to be financed but ended up going all cash. (Kinda mad cuz I could of gotten a better price all cash)
We have a lawyer from our broker.
There fees are fine. We did all the normal stuff and title search showed everything is clean as expected.
Title insurance is 3k
Do I really need the title insurance? Is it optional. Our broker said we Need it.
This money can help with updates. Every dollar counts. Thanks guys!
Title insurance in Florida
byu/AtomicPickleRick inrealestateinvesting
Posted by AtomicPickleRick
3 Comments
> Every dollar counts.
If you can’t afford 3k for title, this didn’t a deal you can afford.
Title insurance is like any other insurance: it’s there to ‘protect’ ‘you’ from unusual events. In this case, to guard against mistakes made by previous owners in transferring the deed, going all the way back as far as ownership can be established.
So. How confident are you that *everything* EVER done in regards to the sale of that land/house was done correctly? Enough to chance losing it entirely to a clerical error from decades ago?
Insurance is legalized gambling. And the insurance companies are the ‘house’. It is a scam and *mostly* unnecessary…until it’s VERY necessary.
Banks require title insurance or you don’t get to use their money.
Even a new construction home can come along with title issues down the line. Maybe the builder didn’t survey the property correctly, city didn’t catch it but your neighbor finds out 3 years from now, demanding a fence removal. These things happen, that’s why title insurance exists.