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Good Wednesday morning Jacqueline. I've heard of a lot of folks getting stuck for tens of thousands of dollars in tax liens from the prior owner.
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If a title problem arises in the future the uninsured party will have to hire an attorney to sort out the problem. It can be very expensive.
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Here in California, it is not optional...it is mandatory if you want to sell your home.,
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The ultimate risk is someone else says they own or have control rights to all or part of the property and the new owner is on the hook?
Insurance is the assurance you are protected when others fail to do their job.
The list connected to your question is ENDLESS.
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jacquelene rivers Lenders title insurance is mandatory for the loan. Owner's title insurance is optional. I once saw a buyer get stuck with a $10,000 mechanics lien when they wanted to sell three or four years after the initial purchase. Owner's title insurance is well worth the money.
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No real estate transaction closed at a title company in Oklahoma City is closed without title insurance. It is also an issue with liability for the title company who closes the contract.
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Could be many problems down the road; however it is not going to happen unless the buyer pays cash.
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The risks can be many. Some think it is not worth it, but they have never incurred a claim!