Guys,
I have read extensively about how owners title insurance policy is really important as widely posted by realtors/lawyers/title companies but another reality posted is also about title companies purely making easy money and this owner title insurance policy doesn't do much.
http://blog.franklyrealty.com/2007/01/owners-title-insurance-95-buy-it-but.html
Bigger Question:
1. Considering i buy this policy now and If i want to transfer the title of my condo to my spouse in the near future, will i have to pay $750 again to buy owner title insurance policy?
My realtor said: $200 is what needs to be paid for title transfer, but i have doubts...please advice...!
2. Since i am getting a brand new condo, other than what someone said as posted below, is there anything else to be worried? I heavily doubt that a builder like KBHOMES will not pay their mechanics....
With new construction owner's title is even more important. Unpaid mechanics liens (bills from roofers, carpenters etc.) actually attach to the real estate so if the builder does not pay them or goes out of business contractors can file a lien on your property. This is why you get a title search in the first place but liens can be added after the closing in this case. The title company should provide a lawyer to defend the title should the need arise. If you are not comfortable with the title company in this transaction you should be able to get another company to do the title search and insure it. Investigate the title company's reputation if you have concerns and you should be able to ask questions of the closing company and or your lender about this.
I have read extensively about how owners title insurance policy is really important as widely posted by realtors/lawyers/title companies but another reality posted is also about title companies purely making easy money and this owner title insurance policy doesn't do much.
http://blog.franklyrealty.com/2007/01/owners-title-insurance-95-buy-it-but.html
Bigger Question:
1. Considering i buy this policy now and If i want to transfer the title of my condo to my spouse in the near future, will i have to pay $750 again to buy owner title insurance policy?
My realtor said: $200 is what needs to be paid for title transfer, but i have doubts...please advice...!
2. Since i am getting a brand new condo, other than what someone said as posted below, is there anything else to be worried? I heavily doubt that a builder like KBHOMES will not pay their mechanics....
With new construction owner's title is even more important. Unpaid mechanics liens (bills from roofers, carpenters etc.) actually attach to the real estate so if the builder does not pay them or goes out of business contractors can file a lien on your property. This is why you get a title search in the first place but liens can be added after the closing in this case. The title company should provide a lawyer to defend the title should the need arise. If you are not comfortable with the title company in this transaction you should be able to get another company to do the title search and insure it. Investigate the title company's reputation if you have concerns and you should be able to ask questions of the closing company and or your lender about this.