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[quote=Anonymous]Ahhh, the self-proclaimed "idiot" who doesn't believe in title insurance turns out to be grossly uninformed.  It's easy not to believe in something when you've never explored it.  As it turns out, there is a title problem in nearly 40% of all transactions which is discovered and fixed prior to the closing ever taking place.  Most parties to the transaction don't even know about these "claims," because most can be fixed quickly and without the parties ever having to be bothered.  Title insurance pays for these investigations and corrective actions before closing - not just the clamis and issues post-closing.  When you add in the approximate 8% claims rate after closing, you get nearly 50% of all properties having an issue.  If "idiot" decides not to buy the insurance, a 1 in 2 chance of a problem truly seems to be rolling the dice.

As for those who think a lender doesn't need title insurance on a refinance, why should a lender risk its lien when an owner might have affected title to the property by taking out a second mortgage, having work done that wasn't paid for or failed to pay its real estate taxes?  That's why they require title insurance on a refinance.  Ignorance about a product is not a reason not to get it.  Speaking about it when you're ignorant about it is something that should not be done.[/quote]

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