| Posted By |
Message |
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Title Insurance needed for private sale?
Is title insurance only required from a bank? Or is a law that it is needed for any sale of a home?
Thanks!
|
Posted 9/2/09 8:17 AM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
|
Re: Title Insurance needed for private sale?
it protects you so i would still get it unless you are buying a family home that you know is free and clear
|
| Posted 9/2/09 8:39 AM |
| |
|
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Re: Title Insurance needed for private sale?
thanks, I know! The reason I ask is bc my parents bought our (which is now my) house in 1977 through a private sale.
I am refinancing and an open permit from 1949 came up- technically if they had title insurance (which we aren't sure of) the company would be held responsible as this open permit was never brought to our attention- even when the house was transferred over to me almost 10 years ago!
|
| Posted 9/2/09 9:03 AM |
| |
|
Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
|
Re: Title Insurance needed for private sale?
A lot of lawyers didn't reccomend title insurance back then if you purchased through a private sale. There really isn't a way to check either.
Was the work for the permit done? If not, it should be hard at all to close the permit. If the work was done, it will need to be inspected.
|
| Posted 9/2/09 10:25 AM |
| |
|
jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
|
Re: Title Insurance needed for private sale?
Open permit on what ? The C/O ? If thats the case then its not the title company's fault..title companies do not insure C/O's..it is up to the seller's/purchaser's to have that taken care of ..title companies just report the information on the C/O's.
|
| Posted 9/2/09 11:45 AM |
| |
|
NYTeach32
LIF Zygote
Member since 9/09 12 total posts
Name:
|
Re: Title Insurance needed for private sale?
Message edited 9/2/2009 11:51:36 AM.
|
| Posted 9/2/09 11:51 AM |
| |
|
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Re: Title Insurance needed for private sale?
There is an open building permit from 1949. My parents bought the house in 78 and they knew nothing about it. They also purchased Title Insurance. Isn't the whole purpose of a Title Company to make sure things like this don't happen? 
|
| Posted 9/2/09 11:53 AM |
| |
|
jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
|
Re: Title Insurance needed for private sale?
The purpose of title insurance to is make sure no one can say they own your house or the land or have a lien on it and can take it away from you
Building permit has nothing to do with it that is a c/o issue which title insurance does not insure
|
| Posted 9/2/09 12:17 PM |
| |
|
MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
|
Re: Title Insurance needed for private sale?
Thanks for your response. If that is the case though, why is it that the permit is showing up now when the title is pulled? We can't close until we rectify the situation. Technically the same should have happened 30+ years ago when the house was purchased, and it didn't. My parents had no knowledge of the issue.
|
| Posted 9/2/09 12:22 PM |
| |
|
jklein1323
LIF Adolescent
Member since 11/06 847 total posts
Name:
J
|
Re: Title Insurance needed for private sale?
You're welcome =o)
That far back they might not have done C/O searches (i'm not sure but its possible) OR if one is not requested you would never know if anything was open..its not a required search its only done if asked for
|
| Posted 9/2/09 1:14 PM |
| |
|
