Title Insurance for Seller Financing on a Land Contract

[Michael Weis]

I just closed on a Land Contract using Seller Financing in Virginia. Virginia has some weird laws, this "land contract" is a cash flowing duplex. I did not have an agent representing me as it was a FSBO and we were able to get to closing fairly quickly. At closing I declined the buyers Title Insurance ($650). I have 30 days from closing date to purchase the title insurance if I change my mind. I had the title search done and everything came back clean. The land trust is bonded by a promissory note being held by the lawyer, a HUD statement was completed and everything will be recorded like a normal sale. I did not think buyers title insurance would be necessary until when/if I refinance with a financial institution. What would you do? Thank you.