TITLE INSURANCE NEEDED OR NOT?

[Vic B.]

I am ready to purchase a single house and the title insurance is $1000.  Is the insurance needed?  This seems to be a bit of a racket.  Wouldn't the estate attorney be cleaning up any liens on the property as part of the estate closing?  When you buy multiple properties a year this an added expense that really has my attention.  Does it make sense to risk it?  In 21 years I have never used it once.

Thanks  Vic

[Jay Hinrichs]

U do if you ever want to resell it..  insurance is not needed  UNTIL IT IS.

I have two title claims going now..  one for a house that they missed violations on they are cutting me a check for 62k today.

another they missed that we were landlocked they hired an attorney who has worked over 2 years and finally got us our right of way.. that would have cost me hundreds of thousands had I not had insurance.

If your buying cheapo 10k homes.. well then who cares right worse case you lose the property in an extreme situation.. but if your never going to sell them and you have  very little money in them.. then ya you can take the risk