Legal Question in Real Estate Law in Ohio
title insurance
we recently purchased 15 acres of farm land at an auction from a brother and sister who had been willed the land from their uncles death. at closing the bank and the title co. were both there. The title co. encouraged us to buy additional title insurance at a substantial cost. my question is is the addittional title insurance nessecery if the title co. already checked the title for liens and back taxes. how can they sell the property if there were, and it was funny this was not presented until after all the bank papers were signed, then they encouraged us to buy the additional insurance
1 Answer from Attorneys
Re: title insurance
Any search done was not for your benefit. If a defect appears, you will bear the loss without reimbursement if you do not have title insurance. Unless you are paying cash, your lender will require title insurance for its mortgage anyway. You should get coverage, and add a rider for your mortgage. The extra expense is much less than the cost of a separate policy.
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