Any Real Estate lawyers or experts out there?

[DGS49]

I am in the process of purchasing a townhouse/condo with cash - no mortgage.

The people who stand to make money off my title insurance premium are telling me that I MUST buy title insurance. But I'm not sure why.

The building is owned by the condominium association, I only own the space between the walls. My concern would be if there are any liens or mortgages on the building. Can a judgment even be filed against an individual condominium owner? How?

What about the last person to purchase a condo, presumably with a mortgage? If they did a title search and bought title insurance, then the lawyer who does my title search only has to check for the most recent period, probably a matter of months.

I haven't priced it yet, but is it throwing money away? What (the hell) does a deed to a condominium even look like? They transfer an interest in SPACE to me? And undivided one hundredth of the property?

What?

 

[Canon Shooter]

I've never bought a condo or townhouse, but I recently sold my late aunt's townhouse in New York.

It doesn't seem like you should, but how, exactly, did they explain their reasoning?

I found this which might help out: Do I Get Title Insurance on a Condominium?

 

[evenflow1969]

I am in the process of purchasing a townhouse/condo with cash - no mortgage.

The people who stand to make money off my title insurance premium are telling me that I MUST buy title insurance. But I'm not sure why.

The building is owned by the condominium association, I only own the space between the walls. My concern would be if there are any liens or mortgages on the building. Can a judgment even be filed against an individual condominium owner? How?

What about the last person to purchase a condo, presumably with a mortgage? If they did a title search and bought title insurance, then the lawyer who does my title search only has to check for the most recent period, probably a matter of months.

I haven't priced it yet, but is it throwing money away? What (the hell) does a deed to a condominium even look like? They transfer an interest in SPACE to me? And undivided one hundredth of the property?

What?

In most markets it is the seller that purchase the title insurance. Your purchase contract should have stated conditions such as transfer of property free of leans, encumbrances or other interests. Title insurance helps guarantee this and is usually the duty of the seller. The cost in my area is usually in the 1100 to 1400 dollar range. Yes if there are unknown leans on the property you as the new owner can be held liable for them

 

[Moonglow]

I am in the process of purchasing a townhouse/condo with cash - no mortgage.

The people who stand to make money off my title insurance premium are telling me that I MUST buy title insurance. But I'm not sure why.

The building is owned by the condominium association, I only own the space between the walls. My concern would be if there are any liens or mortgages on the building. Can a judgment even be filed against an individual condominium owner? How?

What about the last person to purchase a condo, presumably with a mortgage? If they did a title search and bought title insurance, then the lawyer who does my title search only has to check for the most recent period, probably a matter of months.

I haven't priced it yet, but is it throwing money away? What (the hell) does a deed to a condominium even look like? They transfer an interest in SPACE to me? And undivided one hundredth of the property?

What?

Yes, you want title insurance.

 

[Staidhup]

Title insurance simply guarantees free and clear title, furthermore records the deed of transfer to you. In addition it prorates taxes and assessments paid by and on behalf of the new and former owner, and pays state and local transfer taxes. In a HOA/ condominium, it reconciles your HOA condominium account, standing, insuring there are no undisclosed pending liabilities.

 

[Viktor]

I am in the process of purchasing a townhouse/condo with cash - no mortgage.

The people who stand to make money off my title insurance premium are telling me that I MUST buy title insurance. But I'm not sure why.

The building is owned by the condominium association, I only own the space between the walls. My concern would be if there are any liens or mortgages on the building. Can a judgment even be filed against an individual condominium owner? How?

What about the last person to purchase a condo, presumably with a mortgage? If they did a title search and bought title insurance, then the lawyer who does my title search only has to check for the most recent period, probably a matter of months.

I haven't priced it yet, but is it throwing money away? What (the hell) does a deed to a condominium even look like? They transfer an interest in SPACE to me? And undivided one hundredth of the property?

What?

Yes, judgements can be filed against condo owners. Buying a condo is a good investment if you choose one carefully. I owned a condo for 12 years and made a profit of
$115, 000 on it. Location is very important.