Buying a house without title insurance?

[Matthew Mucker]

Believe it or not, I'm actually considering this.

My father-in-law owns a house he is interested in selling that I think would make an excellent rental property.

He's owned the property for 10 years.

According to county records, this piece of property has had only 2 prior owners: my father-in-law's father, and HIS father.

It's hard to imagine a more risk-free property to buy w/o title insurance. Title insurance in Texas is quite expensive. I'm debating whether or not I might want to save $700 by not getting this insurance.

So, knowing this will spark a healthy and educational debate... what do y'all think? :D