what to do about title ins. policy? put house in irrevocable trust for nephew with his father as trustee.

Free Insurance Quote Comparison

 Secured with SHA-256 Encryption

Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

Full Bio →

Written by

UPDATED: Jan 30, 2012

Advertiser Disclosure

It’s all about you. We want to help you make the right legal decisions.

We strive to help you make confident insurance and legal decisions. Finding trusted and reliable insurance quotes and legal advice should be easy. This doesn’t influence our content. Our opinions are our own.

Editorial Guidelines: We are a free online resource for anyone interested in learning more about legal topics and insurance. Our goal is to be an objective, third-party resource for everything legal and insurance related. We update our site regularly, and all content is reviewed by experts.

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.

IMPORTANT NOTICE: These answers are for general information purposes only and are provided by the person answering and FreeAdvice.com AS IS. It has not necessarily been reviewed by the management staff of FreeAdvice.com nor is it binding any insurance agent, broker, or other insurance professional or any attorney or insurance company. Insurance laws, regulations and practices vary from state to state and insurance policies and practices differ from company to company, by type of policy, by state and locality and by type of insurance. Tiny variations in the facts, policy language or a detail not set forth in a question often can change the outcome or a professional's conclusion. Although FreeAdvice.com has confirmed that the answer(s) was/were provided for the account of an experienced insurance professional, that professional may not be licensed in the state referred to in the question, and may not be experienced or up to date in the subject area. Unlike the answers provided here, upon which you should NOT rely, for personal advice you can rely upon we suggest you consult a licensed insurance professional in your area or retain a licensed attorney listed on AttorneyPages.com to represent you.

Free Insurance Quote Comparison

Enter your ZIP code below to compare cheap insurance rates.

 Secured with SHA-256 Encryption