Question: I’m interested in buying an older home in Wellesley, maybe, an historic home. In buying an older home in Wellesley, do I have to pay the extra money for a title search as part of the closing costs?
1. Is the seller the legal owner of the property?
2. Is the legal description of the property accurate?
3. Are there any municipal or contractor liens on the property?
4. Does anyone else claim an ownership interest in the property?
5. Are there any easements on the property which could affect its value?
The answers to these questions may not always be definitive and to cover the gaps, many buyers find it advantageous to protest their ownership interests through the purchase of title insurance. Title insurance offers protection against court costs and settlement judgments with regard to title defects.
Yes, even when buying Wellesley Real Estate, title insurance is a good idea.