Getting Title Insurance on Property AFTER getting Quit Claim Deed in FL
Met with a Realtor and Title Co. while vacationing in FL. Was told that if I was to get a QCD on a property and then try to get title insurance on it later, I wouldn't be able to from the particular title company I met with.
Is this true or are they likely too conservative? They seemed to have trouble understanding why I would buy a property without title insurance. My thinking is that I may run into someone who wishes to simply deed me their property for a few hundred dollars cash. And rather than put them on hold for 2-3 days while I get a search done and policy issued I might not mind risking the few hundred bucks (after I do my own informal 'lien search'). Your thoughts? Were they being too conservative and by the book?
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I believe you can only get title insurance for the purchase price, so if you were purchasing for only a few hundred dollars, there would not be much purpose in getting title insurance that only covered a few hundred dollars. This is just based on my discussion with one title insurance company, I don't know if they all have this policy about the amount of coverage.