Bare Land Title Insurance?

[EBottema]

Hey guys,



Just picked up a bare piece of property (. 25 acre) residential lot in California City to resell or possibly build on and sell. I am doing the escrow right now and would like to know what your opinions are on buying title insurance. The taxes are up to date and the prelim title search came up clean. They want 350 for the insurance and I don't know if this is needed on a bare piece of land that has been owned by the seller since the 60's. Open to all opinions.



thanks

erik

 

[E7mack96]

someone has owned it since the early 1800's... A decendant that was not known of, could come along and lay claim to the land. You'd be out without title ins. . Its your call

 

[ACoyle]

Erik - My . 02 - For $350, if anything unforseen goes wrong you get your money back. Seems like a go to me.



AC

 

[EBottema]

The total cost of the land was only $8500, in an area where real estate agents are selling them for $25,000+



I guess $350 bucks wont break the bank too much. I was just thinking in the terms of the land being relatively inexpensive already, that spending the 350 bucks was not necessary.

 

[RustyJC]

We're closing on some undeveloped property this Friday. You can bet that it will have title insurance on it.



Rusty

 

[nps]

I'd get it, but when/if you build on it you'll need to get a new policy.



If you sell, then the title ins may help protect you if the new owner tries some funny stuff down the road and tries to blame you for a faulty title.

 

[Rman]

I've seen too many cases where title insurance has saved someone to not want to buy it myself. There are numerous things that can creep up and allow you to not get the property and lose your cash. Just my two cents.

 

[Texas Diesel]

My wife is a Title Officer, PM me if you want her email address for free advice.

 

[Grizzly]

One should never purchase any Real Estate without Title Insurance. That's like buying a brand new truck without auto insurance.

 

[AKAMAC]

If you are getting a loan it will be a requirement. If not, then the escrow co. will show all liens and sublets on the property. Any lien not titled on or before sale date are subject litigation..... $350. 00 on an investment is just a price factor on return. Your bet. Mike