Do you need title insurance to sell real estate?
You need a Real Estate license to sell real estate. Title insurance is purchased by the buyer of a home.
Ginger is correct. === To simplify - the buyer buys title insurance. The title insurance company does a search on the property-title and makes sure that there are no hidden leans or anything the new buyers don't end up buying. Recently (here in NYC) there were few cases where scammers selling property that they did not own. If the buyer did NOT buy title insurance it is possible that they had to give the property back (to the real owner) and lose their money. The good point about having title insurance is that if there ever anything like this comes up, it is the insurance company that provides the lawyer to fight it - because it would be their own money they would be losing.
no. title insurance is related to the title of the property that is owned. there are title insurance companies that guarantee that they did the research to varify that the property being bought-sold is clear of outstanding debts and goofy ownership that would stop a smooth buying-selling transaction from happening. if you are selling real estate you need a real estate license from the state you will be selling in. From your question, I guess you do not have a license yet. You will have to go to real estate school, pass your class and take a test and pass it, then find a broker to hold your license so you can sell real estate. Now, if you want to sell your own property, you do not need a real estate license but you need to understand the laws and requirements that will involve a title, transfer of ownership, deeds, etc. Better to hire a pro unless you have done this before. Some self-sellers get taken, sued and this could have been avoided with using a licensed real estate agent. Just remember - every state is different. What I just told you can not be accurate for a state I am not familiar with. The info I just provided pertains to the State of Maryland. Hope this answers your question.
You need a real estate license. What is Title Insurance? Title Insurance guarantees your right and “title” to real property. No other property has a useful life that compares with the life of land. Owners of goods may change their location at will, but land is stationary. Because land is permanent, others may have acquired various rights in land by the time you come into possession. In order to transfer a clear title to a piece of land, it is first necessary to determine whether any rights are outstanding. Title insurance protects the owner and the lender from financial loss caused by title problems. The title insurer, without any expense to you, will defend you against any attack on the title to your property as insured. Some examples of title claims are: * Documents signed under duress * Documents signed by a minor * Documents signed with invalid Power of Attorney * Documents signed with invalid Personal Representative * Heirs claiming interest in a property * Documents signed without disclosing spouse * Documents signed without disclosure of a partner * Forged documents * Unpaid property taxes * Mechanic's liens
No, because the new buyer will buy it. It's not smart to buy real estate without getting title insurance.
