topic Re: Owner's Title Insurance in Mortgage Loans

Owner's Title Insurance

kberly69 — Sat, 31 Oct 2020 13:37:25 GMT

Going through the mortgage process and see $1500 for owner's title insurance. I have some questions I hope you all can help me answer. I know the prevailing thought is to buy it. Peace of mind, what ifs, etc. We are buying this house from my parents and have lived in it 7 years. I've paid the mortgage for that entire period. There was one previous owner. He died, she moved to another area of the state.

1. I'm thinking of opting out. It's been 7 years without issue. Am I crazy?

2. If I do opt in, can I shop this around? Hunting around the forums and internet searches seems to point me to this ($1500) being an inflated price. House is worth about $200K in rural Michigan if that helps.

Thanks in advance for your wisdom on this.

Re: Owner's Title Insurance

JVille — Sat, 31 Oct 2020 16:56:39 GMT

Buy title insurance! You never know where a mistake in the chain of title has happened. It's called Insurance for a reason! JMHO

Re: Owner's Title Insurance

JSF1 — Tue, 03 Nov 2020 19:23:04 GMT

Hello,

Is this a one-time payment? I see it listed and included in my closing costs.

Re: Owner's Title Insurance

JVille — Tue, 03 Nov 2020 19:43:55 GMT

Yes just a one time payment.