Posted by Michael Morrongiello on March 10, 2000 at 17:44:11:
IF your seller acquired title from HUD its a safe bet he also was given an owners title insurance policy when he purchased. See if that policy is available or the closing statement from his purchase which would indicate an outlay expense for title insurance.
The question then remains; Since he has taken title and ownership from HUD did any liens, judgements, assessements, attached to the title?
You can play it without the coverage if you feel its a safe bet or save yourself the headache and purchase a title insurance policy. Thats why they call it insurance.
If you intend on “Flipping” the home short term many title insurance policies can provide what is sometimes called an “open policy” and that will then save you the addtional expense when it comes time for you to provide title insurance to a subsequent buyer. They can usually keep this open for 24 months.
Best of luck