01-21-2009, 04:50 AM
If you do not have a mortgage (many land only purchases do not carry a mortgage) you do not have to have title insurance... many real estate agents and real estate attorneys advise to use title insurance, but that is up to the buyer of the parcel & some may not, esp without the advice to get it..
Also title insurance cover the title & defects to the title.... wrong staking would only show up in a survey... & the person who was wondering if there could be any liability in a land purchase also was looking to avoid the cost of a land survey, (in another post) if the property had ben staked previously... title insurance & the report would do nothing here!
There has also been legal liability in other states when there was a defect in the property such as a sinkhole (in an area of karst topagraphy) present on the land that was not disclosed (I can easily see a lava tube here that was not disclosed at sale)
There can always be some legal liability in ANY property transaction.... that was my point... and yes, it is best to go in with that knowledge & to cover your assets as best you can... one of the ways is to have a professional represent you in the transaction....
I feel it is best to make sure you have the best professional you can for this transaction....(but this is just MY opinion... if you think that having no professional represent you works for you, that is fine... but hopefully you understand each & every C.Y.A. aspect of this transaction, from knowing exactly what each contract should & must have to knowing what each form of coverage protects you from what.... ie, what will title insurance protect you from.... )
Also title insurance cover the title & defects to the title.... wrong staking would only show up in a survey... & the person who was wondering if there could be any liability in a land purchase also was looking to avoid the cost of a land survey, (in another post) if the property had ben staked previously... title insurance & the report would do nothing here!
There has also been legal liability in other states when there was a defect in the property such as a sinkhole (in an area of karst topagraphy) present on the land that was not disclosed (I can easily see a lava tube here that was not disclosed at sale)
There can always be some legal liability in ANY property transaction.... that was my point... and yes, it is best to go in with that knowledge & to cover your assets as best you can... one of the ways is to have a professional represent you in the transaction....
I feel it is best to make sure you have the best professional you can for this transaction....(but this is just MY opinion... if you think that having no professional represent you works for you, that is fine... but hopefully you understand each & every C.Y.A. aspect of this transaction, from knowing exactly what each contract should & must have to knowing what each form of coverage protects you from what.... ie, what will title insurance protect you from.... )