Question about: Title Insurance while buying new home

Johnson

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2002-02-04
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Hi

It is necessary to get Title Insurance for new home? Who can give comments?
 
You can ask your lawyer directly. You may not need it since it is a new house.
 
You can ask your lawyer directly. You may not need it since it is a new house.

Thanks for your reply, but actually lawyer want to make money. They always recommend us to do that, right?
 
[media]http://www.dora.state.co.us/Insurance/consumer/2008%20docs/consTitleIns031808.pdf[/media]
What is Title Insurance?
When a house, building or other property is bought and sold,
all the parties involved want to be sure the “title” or transfer of
ownership is clear. Title insurance protects the owner and the lender
against loss arising from problems connected to the title to the property.
Over the years, a home -- and the land it stands on -- may go through
several ownership changes. The “chain of title” describes the history of
ownership, with each person or entity listed who owned the land and/or
building at some point in time.
However, there can be unexpected problems in that chain that could
emerge to cause trouble. For example, there may be unpaid real estate
taxes or other liens. When title was transferred, someone may have
forged a signature, or written a property description improperly.
Title insurance covers the insured party for any claims and legal fees that
arise out of such problems.
 
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