Title insurance

Anyone has an answer on this? Title insurance is actually costing me a lot of money so really trying to circumvent it.

This thread might help: http://streeteasy.com/nyc/talk/discussion/19172-title-searchinsurance

Nope, not necessary. I just went through this (refi-ed existing lender). You should also save on the mortgage recording tax (assuming same or lesser amount).

nyc10023, lender will assume mortgage so I don't need to pay for mortgage recording tax. How did you get around the title insurance? Which bank did you use? I am trying to refinance with Chase. Thanks!

I may have received a very deep discount on the title insurance. I'll get back to you tomorrow.

You might think it's an extra cost and will never be useful, but I would strongly advise you to get a full title report again and insurance with a market rider. Hopefully nothing ever comes up, but you truly never know. I am dealing right now with a complete clusterf*%$ no-one saw coming.

Thanks, nyc10023, I appreciate your help! maly, I have owned the apt. so what should have happened to it without me knowing?

If I told you, I might as well just post my name and address. I can't disclose details right now, but it turns out the title is NOT fine, and I have never been happier to have done a proper refinancing, lawyer and title insurance included. At least now I have a recourse.

So this came up after you refinanced the property? Very scary!

Yes, this month's motto is: "shit happens."
let's hope next month is: "thank Gaia for insurance."
I have never been part of the "developers and brokers are scum" crowd, but some really are all that.

NYUES: My (very competent) banker at Chase just sent me my HUD statement. I paid approx. $0.0025/$1 of mtge. In other words, approx. $2500 per $1m of mtge. Is it a jumbo? I can send you the contact info of my mtge banker if you provide an email address.

It was closer to 0.0023/1 of mtge.

Paying for title insurance is like having no fault insurance on your car.
It is essential.
For the super rare times there is a problem,and let's say you are 1000% in the right. It may still take 2 years and $$$ in lawwyers to prove so.
Title insurance keeps you out of court. And it is invaluable.

I cant give details either but Im going on 2 years now for a property I am so supposed to be a first lender on, while 2 other parties are arguing the same.

Any and every tool prepared in advance to minimize any potential time in a court room is always worth the expense.