House Insurance

The only reason everyone gets title insurance is because 99.9% of home buyers need to take out a mortgage and mortgage companies make you pay for title insurance or they won’t give you the money. In my case, I’m paying cash for a 190k condo. Do I really need title insurance? The husband and wife that Im buying it from have owned the condo for 13 years. If they had title insurance on the condo, doesn’t that take care of finding out about all the previous owners? Can’t I just do a search on the husband and wife to make sure they have no liens on the property?

Absolutely. I don’t think you’ll find anybody who will advise you against purchasing title insurance, whether you’re paying cash or not. There could be liens on the property that you’ll never be able to find on your own, and there may be liens that the sellers aren’t even aware of. You could potentially lose your home just because you wanted to save a few thousand dollars. It’s not worth the risk.