01-21-2009, 08:03 AM
quote:It certainly is true. However, if you don't get a title insurance than the chain of title will be broken and it might cost you more when you try to sell your property. In Hawaii it's customary that the seller pays 60% and the buyer pays 40% of the title insurance premium. The premium depends on the purchase price. ($250 for a $45,000 property and $2,000 for a $700,000 property.)
Originally posted by Carey
If you do not have a mortgage (many land only purchases do not carry a mortgage) you do not have to have title insurance...
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