Skip to main content

Owner financing and owner title insurance

Selling my house to a friend and I'm doing the financing. We are splitting the closing costs. Meeting with my attorney next week to sign the contract and he has included, in the contract, both "buyer title insurance" (for the buyer/friend) and "owner title insurance" (for me).
When I bought the house 20+ years ago, I paid to have a title search. It came up clean. So I am struggling to understand the purpose of including owner title insurance in this contract. It's not protecting my purchaser--he is purchasing "buyer title insurance." Is it protecting me from something? Could something have happened since I purchased the house that I am not aware of? Could someone have placed a lien on my property that I don't know about? I am retaining the title to the house until the balance is paid off, so wouldn't I be covered by the original title search performed when I purchased the home?

submitted by /u/ApricotEmotional1018
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/17646tg/owner_financing_and_owner_title_insurance/
Labels:

Comments

Post a Comment

Popular posts from this blog

North Carolina – “One to Buy; Two to Sell”

I realize I will likely have to contact a real estate attorney but also hoping to hear insights and experiences from others! I have a house in NC that I bought by myself in 2009, and paid off, in full, in 2022. I got married in 2023. My spouse and I have not lived in the house as our "marital residence". We have maintained separate residences even after we got married. (That a separate topic!). I am now selling this house. Realtors have told us that my husband has to sign the deed at time of transfer but I am not convinced since the house has not been our marital residence. The realtors like to use the phrase "one to buy; two to sell", which seems like a broad-stroke statement which is not applicable under all circumstances. And of course, the realtors don’t realize the details of my specific circumstances: I purchased and paid for the house in full prior to marriage Only my name is on the deed And most importantly, we have never lived in the house as a marit...
Post a Comment
Read more

Looking for Prospective Opportunities to Utilize Floor Plan Redraw Skills

"Hey HomeOwners & Investors , I have a team of 10 professionals who are trained in redrawing/redesign floor plans in both 2D and 3D interior& exterior using floorplanner.com/3ds Max and TruView point cloud. We're looking for prospective opportunities to utilize our skills. Are there any companies or individuals in need of accurate floor plans and measurement reports ? Any suggestions for where to start looking? Thanks in advance for your help!" submitted by /u/mangojuicelife [link] [comments] source https://www.reddit.com/r/RealEstate/comments/119uoh0/looking_for_prospective_opportunities_to_utilize/
Post a Comment
Read more

Question With Tricon "Pending ID".....

My wife and i, along with 2 other peopl applied to rent a house, and our application says "Approved, Pending ID". Anyone else know what that means? Do we pretty much have the place or are we missing something? submitted by /u/Itskrueger [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1orixqj/question_with_tricon_pending_id/
Post a Comment
Read more