Owner Title Insurance for a new home

[Derrick Lu]

I bought my primary residence (brand new construction) a few years ago and the agent advised me to buy OTP .  Was this a wise decision as I am the first owner?....  Or could the home builder cause a defect in the title that we don't know about.   

I'm doing a refinance  on the home and close next Friday.  Do I need OTP for this refi?  I see the lender has its own on the closing disclosure, but I don't OTP listed anywhere for the ower

[Rich Baer]

@Derrick Lu @Russell Brazil

     Derrick,

        Russell is correct as to the refinance being discounted as to title insurance. I would always recommend buying title insurance. The fact that it is new construction doesn't mean there can't be a defect in the chain of title or a fraudulent document that won't be uncovered for years. As a Title Attorney, I could write a book on the horror stories I have seen over the last 30 years. You did fine with your purchase. Better safe than sorry.

    Rich Baer, Esq.