If financing, title insurance is required. The seller traditionally pays it, but this can be negotiated. Otherwise, it is the choice of the seller and buyer. We highly recommend that you do not purchase the property (land) without it. 

The price is usually about 1% of the total, which typically amounts to one payment if you are financing. It is worthwhile because otherwise, the property is not abstracted to check the chain of titles, liens, state or federal taxes, and a myriad of other matters. 

You would not ask a doctor to set your bone without an X-ray. When you do not purchase title insurance, you are essentially asking your lawyer to proceed without all the facts. The lawyer simply cannot know all the facts without title insurance. 

If you paid the lawyer separately to research the title, the cost would be greater than title insurance and there would not be an insurance policy for your protection. 

Title insurance is a very important one-time investment that protects your investment from a cloud on the title the entire time you own the property. 

Young Title Company, Inc will not close any real estate purchase or loan without title insurance, pursuant to Texas Department of Insurance Regulations.

Honestly, this is a great deal that most consumers know nothing about. A few examples of very common title issues that could come to light months or even years after closing are the following:

• Email or Wire Fraud
• Forged documents
• Spouses or heirs left out of conveyance, undisclosed, or missing heirs
• Deeds from minors or persons of unsound mind
• Indexing errors (yes, it happens)
• Liens – such as for bank loans, taxes (county, state, and IRS), and judgments
• Recording or clerical mistakes
• Heirship problems
• Survey problems* - Title insurance will not cover issues shown by a survey without a typically very small payment for additional coverage and a brand new improvement survey, or an improvement survey sworn to as unchanged

We highly recommend that you consider adding this to your standard title insurance purchase, as without it we will not know if there are encroachments or other issues that an improvement survey shows.

A new survey is usually a good investment because instruments are so much more precise these days, and therefore surveyors are able to be much more specific. Also, surveys are very important in many ways! 

Sometimes a new survey is required by the bank or the title company for different reasons; at other times an old survey can be relied on if the sellers can verify that they have not made certain changes to the property. Also, see the survey problems above.

Yes, if you are financing the property in any way. Besides, it's the best way to protect your investment from hazards (fires, etc.). 

Most of the time, you must pay the first year’s premium upfront, and then you can escrow the amount for next year and let your bank pay it. You can even choose to pay it yourself at the proper time. 

You should have your insurance company send a binder and bill to the title company before the closing so that the proper amount can be collected through the closing and paid at the time of funding.

Young Title Company, Inc is regulated and licensed by the Texas Department of Insurance. A part of the function we serve is keeping your money and land safely until the point when they can be exchanged so that closing and funding can occur. 

We do not fund until we have the money, i.e. GOOD FUNDS as defined by TDI.