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Closing on Friday! Title insurance needed?
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Chris Martin
Mueller Community

Posts: 35
Joined on February 9th, 2011
Closing on Friday! Title insurance needed?
by Chris Martin on October 9th, 2011

We are closing on our David Weekley home on Friday and we were wondering if people purchased title insurance when they closed on their home in Mueller. It seems like a waste of money... insights anyone?

Thanks,
Chris and Yelin
 
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jlincove
Mueller Community

Posts: 34
Joined on March 22nd, 2009
Closing on Friday! Title insurance needed?
by jlincove on October 10th, 2011

A certain amount of title insurance is required by law. You do not need any extra. Obviously there is no confusion about a title on a Mueller home because the city was the only previous property owner.

If you want to know more, my colleague David Eaton at the LBJ School has a book arguing that Texas title insurance is overpriced and unnecessary and basically just regulatory capture.

Congrats on your new home!
 
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GarrethWilcock
Mueller Community

Posts: 479
Joined on February 23rd, 2008
Closing on Friday! Title insurance needed?
by GarrethWilcock on October 10th, 2011

Congratulations on the new home! If you have a loan on your home, your lender will require title insurance.

There are some items that are bundled in title insurance that are optional, and it is not always obvious what they are. You might not want to include certain boundary insurance premiums for example (which protect you if your survey is incorrect)

I agree with jlincove that title insurance is a bit of a racket.

cheers

Garreth
homesAtMueller.com
 
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Hellojustice
Mueller Community

Posts: 52
Joined on August 16th, 2008
Closing on Friday! Title insurance needed?
by Hellojustice on October 10th, 2011

I did not buy title insurance when I closed. I don't know of any legal requirement, only required by lenders. It is all a raquet - waste of money!
 
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Millie Hayes
Mueller Community

Posts: 12
Joined on April 14th, 2010
Closing on Friday! Title insurance needed?
by Millie Hayes on October 11th, 2011

Welcome, and congratulations on your home. Are you moving into a David Weekley garden home? If so, you're sure to meet all of us soon!

I believe our lender required us to have a certain level of insurance, and that's all that we purchased.
 
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Chris Martin
Mueller Community

Posts: 35
Joined on February 9th, 2011
Closing on Friday! Title insurance needed?
by Chris Martin on October 12th, 2011

Yea, I've realized now that it is tied into our closing costs. Thanks for the input everyone. Yup, we are moving into one of the garden homes on Tom Miller. Look forward to meeting everyone!

 
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