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Terry Said:

Buying a warehose for $1M that is FSBO, do I need an ALTA policy of Title insurance, or will sandard title do?

We Answered:

Not enough information. Is this a cash sale, or are you financing it? If there's a lender, it will be up to them. If there's no lender, you can do whatever you want.

REgarding the costs and paying for it, it's a flat percentage of the sales price, usually somewhere between 2% and 4%, by county. So it's not negotiable. But who pays for it, IS negotiable - part of the sales process.

Susan Said:

Is it necessary to purchase an owner's title insurance policy?

We Answered:

It is not required, but the one time you skip it is the one time you are going to need it. It is very cheap and it can save you.

There have been a couple of times where I may have lost everything if it were not for my title insurance. They have fantastic lawyers, who will save you tons of grief if anything unforeseen pops up.

Terrance Said:

If you refinance your house, do you need a new title policy insurance?

We Answered:

You've already done it, so you already know the answer.

Generally, yes.