Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 4 hours ago on . Most recent reply
Do we need title insurance when selling owner finance?
Hi, we purchased a small lot of raw land last year and have since improved it and added a mobile home. When we bought it we closed through a title company and had title insurance. Now we are selling it owner finance. Do we need to go through a title company for title insurance again, or can we just have a real estate attorney prepare the documents? The buyer is not concerned about title insurance and I thought it was only for the buyers protection but wanted to get some clarification on this. It's $1k cheaper to just go through the attorney.
Most Popular Reply
#1 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
- 562
- Votes |
- 725
- Posts
#1 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Charleston, SC
Get a lender's title policy. Whether a buyer gets an owner's policy is up to them. The lender's policy will protect your interests as the lender in the collateral. The borrower's owner's policy will do nothing for you.
- Patrick Roberts
