Quote:
Originally posted by ilovemyglo
I have been working in the real estate industry for about 3 years now- not tons, but enough to know better.
READ EVERY LINE OF G8Ralphaxi's post and take it to heart!
The Mortgage company requires you to purchase title insurance FOR THEM, not for you- "But the title company says they do a search!" you say? SO WHAT! I know of a neighborhood (note, not one or two houses, around 30) that are in a very pricey part of Louisville and someone went WAY back and discovered that the land was donated to the city with a stipulation to never be developed... now all these homeowners have to cough up anywhere from $20,000-$200,000 and pay to the descendants of this guy.
What does that tell you?
Home Inspections shouldn't even be an option- they should make them mandatory. Period.
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Why would the homeowners have to pay the descendants 20-200K? Wouldn't the title insurance company have to pay the claim?