Posted by Jason-DTX on January 19, 1999 at 23:18:39:
My rule of thumb is that if I put any money (or personal loan)in the deal then I get title insurance. If I get a free house(take over payments subject to) I just have a title search done. If you want to spend the extra money and feel good about each deal then it would be best to get title insurance on each deal.
Jason
Title search vs. Title insurance - Posted by Jay
Posted by Jay on January 19, 1999 at 21:34:54:
I know I should always get title insurance, but will a title search insure that the owner has good title or is title insurance mandatory for any future financing. I will get a new mortgage since I am taking the existing mortgage over subject to, but I am concerned whether this matters when my tenant/buyer exercises and goes out and gets a new mortgage. Thanks
Re: Title search vs. Title insurance - Posted by Rob FL
Posted by Rob FL on January 19, 1999 at 22:37:24:
A title search is kind of like when the weather man does all his charts and predictions and makes sure that the weather will be great. But what happens when he makes a mistake or el nino happens or an earthquake or whatever. The weatherman says “Woops, sorry.” You might even try to sue him or something if he has any money.
Title insurance protects you from lots of things that a title search won’t reveal. Here are a few: fraudulent sales, unrecorded documents, forgeries, unpaid taxes, no legal access to a road, just to name a few. If you are getting it for a mortgage why not pay an extra hundred dollars or so and get it for yourself as well.
check out first american title’s website www.firstam.com and look under the claim’s chronicles. You will quickly learn of things that a title search won’t reveal but are covered under title insurance.