Title insurance ?

That's a judgement call. Would you be able to accept the loss of the money you paid for the contract if it turns out you didn't receive a clear title? Maybe someone forged a signature in a divorce? Or maybe the contract was owned by several individuals and one or more didn't sign the closing documents? Didn't satisfy a lien? There are lots of reasons that you may not get a clear title. If something happens, the title company will be on the hook if they accepted the premium. Chances of those things might be small and some people are willing to accept the risk to save the title insurance premium. Only you know your personal risk tolerance.
 
Considering the overall costs of your purchase, $150 is typically a small percentage.

It's actually a horrendous deal compared to title insurance on a house. That said, it's still a pretty good piece of mind, and is a one-time cost for the life of the contract. And considering we paid $130 for an inedible dinner at Tony's last month, it's far from the worst deal out there. ;)

Free tip of the day: If you refinance your home, make sure the lender does NOT charge you for owner's title insurance since you bought it previously. A policy is good for the entire time you hold a particular title to a property. Buying title insurance on a refi (which lenders will often add in if you don't ask to have it removed) is a complete waste of money. pirate:
 

should I pay the extra 150 for title insurance?
It depends IMO. For most situations it's not worth it with minimal risk. If it's a divorce or foreclosure or a large contract, I would. Otherwise a little snooping for mortgages, liens, bankruptcy should be sufficient.
 















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