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Real Estate
Reply to "Owner's Title Insurance"
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[quote=Anonymous]In some ways it's a "scam" in that the settlement company does a title search anyway and is supposed to iron out any issues. So by buying title insurance (which the settlement company happily sells to you and receives a nice commission), you're basically working under the assumption that the settlement company can't do a title search properly. However, everyone still gets it since you don't want to take that minute chance that there is an issue that crops up later. I bought two houses in the last year, and title issues were revealed on both (basically sloppy paperwork in the past about clearing liens from a previous owner) and both were caught by the settlement company and dealt with before settlement. So in short, suck it up and get it just to be safe.[/quote]
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