what to do about title ins. policy? put house in irrevocable trust for nephew with his father as trustee.
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UPDATED: Jan 30, 2012
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Insurance Question from Hingham, MA
Asked on 01/30/2012
what to do about title ins. policy? put house in irrevocable trust for nephew with his father as trustee. i bought property at auction and recieved $275000 title ins. policy with title
Answer given on February 19, 2012
Title insurance is not really insurance in the same sense of home or auto insurance. This is something that lenders require when they provide a loan on property to be sure the title is “clear” with no outstanding liens on the property. It is more on the legal side of the purchase of prperty. Your attorney should be able to help you understand what is needed here, or if you need somethine entirely different.The lenders determine the amount of title insurance and they usually include it in the cost of the home. There is no option about purchasing title insurance and it is doubtful you can go out on your own and purchase it since it involves extensive research into the property history regarding work done and if all debts have been paid for work done to the property. This requires searching local records for permits and such.
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