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NBR: ladies who have had a home built

AngRxAngRx
in Cincinnati Babies
The mortgage company is adding "Owners Title Insurance". It is optional and $500--is this necessary? Thanks ladies.
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Re: NBR: ladies who have had a home built

  • CincyBride08CincyBride08

    Humm. From what I remember that is insurance in case the seller has a lean against the title or some other issue with the title of the house. From what I remember we opted out of it because as a builder the title should be free and clear and if there is any leans then we've got much bigger things to worry about.

    I could very well be wrong and remembering it incorrectly, but I'm pretty sure that's what it means.

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  • JenRose05JenRose05 member

    seeing as you would be the first homeowners I would opt out but if you end up buying from another person I would recomend it 100%... we learned the hard way when we went to sell our first house :/

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  • notguiltynotguilty
    I'm not a real estate attorney, but I would definitely recommend paying for the title insurance.  It insures you against any leins against the property.  I don't know if you remember the Erpendbeck scandal from several years ago?  The company had massive leins put on most of its various properties from several different sub-contractors....and those were "new" properties.  Those homeowners were in a legal mess for years.  It insures you from any leins filed from any previous homeowners or contractors that are working on your home.  I recommend it for peace of mind. 
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  • hav2runhav2run
    I would pay for it.  I know it seems odd since you are the first owners, but if the construction company or any of their contractors owes anyone for anything related to your property, a lein may show up on your title years after the fact.  This insurance will pay in the event something like that happens.  You hear about it on the news from time to time, so it is not terribly uncommon for that to happen.  I would pay for the peace of mind.
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  • SchibesosuSchibesosu
    I would agree with the other posters...I would definitely pay for it as it protects you.  As many shady builders are out there, I think it is definitely beneficial.  I purchased  a new home and bought it, so I recommend it.
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  • AngRxAngRx
    Great--just what I needed to hear. wasnt sure what it did. Thanks!!!
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