i must buy title insurance?[问题]

[GYGY]

my lawer told me my house is freeholder not condo, so i must buy title insurance.is it true?

what's the advantage and disanvantage of buy or not buy the title insurance?

 

[keen_observer]

最初由 GYGY 发布
my lawyer told me my house is freeholder not condo, so i must buy title insurance.is it true?

what's the advantage and disanvantage of buy or not buy the title insurance?

I am not sure why your lawyer is suggesting of buying title insurance for freehold house vs condo; I think you need some kinds of insurance for either freehold or condo. Correct me if I am wrong.

There two kinds of insurance that home owner usually have.
1. The home insurance against fire or water damage. ( all mortgage lenders require the home owners to have it as part of the condition)

2. Insurance for mortgage borrowers. (this insurance is for home owners who has title on the property; if something (such as death, accident, etc.) happen to the home owners, the insurance will pay off the mortgage.


Another type of insurance is called mortgage insurance. It is the insurance against default. This insurance is required if your down payment is less than 25% of the total purchase value of the home. It is adminitrated by CMHC.

 

[zhzh]

最初由 GYGY 发布
my lawer told me my house is freeholder not condo, so i must buy title insurance.is it true?

what's the advantage and disanvantage of buy or not buy the title insurance?

you have to buy title insurance, otherwise you have to prepare bunch of certificates which cost more than T.I. (told by my lawyer)

 

[笑傲江湖]

Re: Re: i must buy title insurance?[问题]

The money spent on the title insurance should be saved. BTW, usually the lawyer fee includes it.

 

[吾言]

The title insurance costs over $100. I doubt that any lawyer fee will cover that.

 

[笑傲江湖]

Just give you a few list of lawyer fees include that:

http://www.guertinlaw.com/help/fixed.php
but I don't like this one since he is impatient

http://www.barrickpoulsen.com/grant_info.html
he is very nice... also fixed price @ $1,099 title insurance included

最初由 吾言 发布
The title insurance costs over $100. I doubt that any lawyer fee will cover that.

 

[吾言]

The lawyer fee is supposed to be the fee you pay the lawyer for his service, isn't it? It is normally between $600-$650. What you mentioned is just some package deals which are available on the market.