Legal Question in Real Estate Law in Kentucky
I am buying a forclosed house. My realtor tells me one of the the reasons the foreclosure process takes so long, is because of the extensive title/lean process fanny mae or freddie mac goes through to MAKE SURE the eventual new owner gets a home with a "clean deed".
Finally the question.
Do I need to pay for a "TITLE SEARCH" and "TITLE INSURANCE" on a foreclosed home???
Thank you.
1 Answer from Attorneys
You should always have a title search done on any property, but especially a foreclosure property, and if you are borrowing money to purchase the home, your lender will most likely require you to pay for title insurance as well. I would also recommend purchasing additional Owner's Title Insurance to protect you further from any title problems in the future. In your case, the seller may be willing to pay for the additional Owner's Policy. Check with your realtor to be sure.
Teresa S. Gast, Esq.
Title Suppliers, LLC
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