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newbie
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 Posted: Fri Nov 19, 2010 1:59 pm GMT Post subject: title insurance |
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Hello all,
My wife and I are buying a house in the western suburbs and are wondering if we should purchase title insurance (aside from what the bank purchases). Any thoughts on this? The current owners have been in the property for 20 years but I have heard title issues are more common than one would think. This is not a short sale or foreclosure, for what it's worth. Thanks for any advice! |
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Guest
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| Posted: Fri Nov 19, 2010 5:20 pm GMT Post subject: Re: title insurance |
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| newbie wrote: | Hello all,
My wife and I are buying a house in the western suburbs and are wondering if we should purchase title insurance (aside from what the bank purchases). Any thoughts on this? The current owners have been in the property for 20 years but I have heard title issues are more common than one would think. This is not a short sale or foreclosure, for what it's worth. Thanks for any advice! |
The standard legal advice is to make sure that you are represented at the closing by your own lawyer, and have her/him in charge of the title insurance. Make sure he buys you a policy as well as the one the lender demands.
I have seen some pretty tangled title problems from the 1980s and earlier that are still outstanding and unresolved. There is a condo in West Springfield that has sat empty, with no owner but three competing lenders (two of which have been dissolved) since 1982. So take nothing for granted. While it is unlikely, it is very possible that your sellers do not have unblemished title. |
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