Owner's Title Insurance

Has anyone on here ever opted not to get Owner’s Title Insurance when purchasing a condo?   We’re looking at buying a condo in a 3 unit building. The building was owned by the city and sold to the Con-Ed Renaissance Housing program (a neighborhood restoration program essentially). I’ve searched online and I can’t find any liens or anything against the building. We’re going to talk to our attorney but thought I’d see if anyone has any experience purchasing a condo without the Title insurance and how it went?   Thanks!

Greene44

in Lawyers and legal service 11 years and 11 months ago

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mariofazekas | 11 years and 8 months ago

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What is legal insurance? It is a pretty important question to ask: “what is legal insurance”? Legal insurance in a nutshell is insurance to protect you from legal costs should legal proceedings be instituted against you or you decide to proceed with legal proceedings. This means that you pay a legal insurance company a set premium per month and they, in turn, will provide you with legal services up to an agreed annual amount. [i4MT – more info](http://www.insurance4motortrade.co.uk)

titleinsrep | 11 years and 11 months ago

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  If you are borrowing money from a traditional lender source to buy this property you will be required to purchase a LENDER’S title insurance policy that protects the Lender.  This does not protect you.  However, if you buy an OWNER’s title insurance policy to protect you at the time of the closing, the cost of the Lender’s policy is reduced.  If you are doing this as a cash transaction, at the very least you should have a professional title agency do a title search.   This same company is authorized to issue the title policy and in the metro area the cost of the title search is included in the policy premium. Though you fail to give dates and times of prior ownership, your online search is most likely not a sufficient and complete search.  There are many problems that can arise of which you are not aware, especially with the past history of the property. An Owner’s Title Insurance Policy is a one-time premium paid at closing and keeps the policy in effect until you sell the property.  Then you can rest easy and be assured if a claim is made the title company is on the line. They defend that action–so you have no attorney fees or court costs.

vthatcher | 11 years and 11 months ago

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Title Insurance is there to protect you.  I would not buy without it.  The fact that these entities owned it, is more of a reason to protect yourself.     Vanessa Thatcher Senior Loan Officer  NMLS# 41404   Atlantic Home Capital 4175 Veterans Memorial Hwy, Ste 310 Ronkonkoma, NY 11779   Office: 631-687-3510 x106 Direct Fax: 631-918-5222 Cell: 631-672-4113   “Pennies don’t fall from heaven; they have to be earned here on earth” ~Margaret Thatcher~

BobMarvin | 11 years and 11 months ago

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Can you get a mortgage without title insurance? If you can, or if a mortgage isn’t a consideration, is it worth the cost of title insurance for the additional peace of mind it provides? Long ago I heard a talk by a then prominant real estate attorney at a seminar held by the old Brooklyn Brownstone  Conference. He cited a case of a client who was repeatedly taken to court by a deranged former owner who claimed, without any legal basis,  that he was squatting in her house. The homeowner did not have to worry about these nuisence claims by a persistant nut case because he had title insurance and the company represented him. Personally, I wouldn’t consider NOT getting title insurance, even if I wasn’t required to have it.