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Is Title Insurance MANDATORY when transferring a paid off house to a family member?? |
Is Title Insurance MANDATORY when transferring a paid off house to a family member?? No! It is not mandatory at all if you are just transferring like you described. Now, if there is a loan being taken out by a bank or lender, then they would likely require it to protect their interest. But if you are just transferring it without a lender, no, not mandatory. Title insurance protects mainly any complications that come up with previous owners, perhaps a long lost heir comes back to make a claim against an estate or something. But in family like this, there is no reason to get it, and it's not mandatory. Good luck with it. Todd MillionaireCoaching.com |
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