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Do you have to have title insurance on an interfamily house transfer? |
it's a free and clear property.. The only title insurance REQUIRED in a real estate conveyance (sale, gift, transfer, etc) is that that covers the LENDER, not the borrower(s) and this protects the lender from any defaults in title that might affect the value of the property. You may obtain private title insurance at your option. Source(s): Real estate licensing exam next week -- I've been studying hard! You won't know if it's free and clear until you have a title search - some contractor might have slapped a lien on it when you weren't looking. It's insurance - do you want to buy a house when you find out the people can't really sell it? And a mortgage company wont give you a mortgage without clear title. No,but it is a good policy to have it. If title insurance has not been done in quite some time, I would definitely get it. The city could have put a lien on the property and no one knows. Sydney is right on the money with her answer. |
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