I keep hearing ads for home title insurance and how easy it is to sell your home without you knowing,etc. Is it really a problem?
Nicely said, also should point out that these policies are split in two. One the lender requires the buyer pay for and it only covers the lender.Title insurance is cheap. It is the only way to protect yourself against older claims of ownership. An owners policy is typically issued in 2 ways. #1 a general warranty deed goes back through all recorded events and makes sure there is no break in title/ownership. #2 a special warranty deed will go back through 1 ownership, typically just to the owner before you.
WHy is this even needed? The best example I can give is that if there was ever a quit claim deed or trustee's deed on your home, unless everything was done 100% correct, there might be room for another party to litigate against you. The title policy that you buy would cover such ad event and serves to hold you harmless.
TH
On the first house that I purchased the title search disclosed some anomaly from 1922 that the title or deed or something wasn't filed properly.Nicely said, also should point out that these policies are split in two. One the lender requires the buyer pay for and it only covers the lender.
The buyer should be aware if they want to be covered that they have to make sure they are also purchasing coverage for themselves.
Is it needed? Debatable. New construction I would say for sure. I just think it makes sense, you're buying a home on a tract of land developed by a developer/builder. Purchasing a policy for yourself covers you in the event the developer made an error and built your house on someone else's land.
Resale homes? I have heard attorneys (I have ben to many closings) tell their clients its up to them if they want to spend the money when buying a 40,50,60 year old house in a community. Their reasoning is, if no one filed a claim in that amount of time chances are they wont.
I think @RhondaHonda in this case is right, seems like the OP is concerned about his house title being transferred to someone else without his knowledge. I agree, it's easy to scare someone into anything and get their money selling insurance. Does it happen? Sure, but Im betting the chances of you walking out your front door and get run over by a semi is many times more likely.
We purchased our entire home online. Only met the sales person before we bought, everything was doc u sign. I mean EVERYTHING.FWIW, I closed on my camp online because I had Covid. Did everything with e-signatures, and they got e-notarized. Scary!
Last two vehicles I bought (from two different dealers) they gave me the docs after signing on a USB drive.We purchased our entire home online. Only met the sales person before we bought, everything was doc u sign. I mean EVERYTHING.
We did insist on a sit down with the closing attorney but we had to be here anyway to move in right away. But even in the attorneys office, all we did was doc u sign on an iPad.
They actually wanted us to sign ahead of time, I wouldnt because I wanted to make sure no one messed up and we got the keys, we needed the keys right away.
She said a lot of New Yorkers wont sign online *LOL* She said that is ok, she doesnt think she would either but almost everyone does now.
She asked why?
I told her, I wanted to make sure the house didnt burn down or broken into the night or morning before the closing. That we could have signed only to find out that the house was no longer there.
She said you must be from New York because New Yorkers think that way and she agrees. But almost everyone else just signs away not knowing if the house is still there.
PS, all our closing papers were given to us on a USB drive.
Same here.Last two vehicles I bought (from two different dealers) they gave me the docs after signing on a USB drive.